Even as Ed Balls embraces the need for austerity today, he takes a very different position to the coalition on why
it’s necessary. The government has always blamed the need for cuts on the ‘awful economic inheritance’ bequeathed it by Labour. Balls, on the other hand, puts the blame squarely
at George Osborne’s door. In his Fabian Society speech, he said:
His argument is that, by cutting ‘too far and too fast’, the coalition has caused the economy to stagnate and thereby created the need for more austerity. Labour has, of course, long been trying to shift the blame for the cuts away from themselves and onto the coalition. Thus far, they’ve not been terribly successful: 39 per cent of the public think Labour are most to blame, compared to 22 per cent who think the coalition are, according to a‘George Osborne’s economic mistakes mean more difficult decisions on tax, spending and pay.’
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