Alex Massie

Next time you hear a Labour politician arguing that the markets are punishing Ireland despite its austerity drive (and therefore Britain should not rush to cut its own deficit) you might kindly point out that, because of the horrors at Anglo Irish and elsewhere, you can certainly argue that there hasn't actually been an Irish austerity drive: In a statement, Mr. Lenihan conceded that the bank bailout would have an immediate and dire effect on Ireland’s budget deficit, pushing it up to an extraordinary 32 percent of G.D.P. Taking out the bank costs, Ireland’s deficit is expected to be around 11 percent, despite two years of an austerity drive.

Thursday is an important day for Ireland and, in the end, another reminder that Ireland's economic woes and the measures taken to alleviate them don't offer much of an example for other countries or their governments. The Irish government is going to have to announce its plan for bailing out (or not) Anglo Irish Bank's bondholders. None of the options - outlined by the FT here - seem attractive. The political cost of meeting the bond market's hopes will be severe; the economic cost of not doing so could be equally horrendous.

I was playing golf this afternoon and so didn't watch Milifest live. But having watched Ed Miliband's speech and, more importantly, having read it one thing is clear: there was a good speech in there. Unfortunately it was the speech Miliband gave defending the record of the first two Blair ministries. That part of his address had a coherence to it that was absent once he started to talk about the here and now and, even more problematically, the future. Indeed, defending the first two parliaments of New Labour only served to remind one how pointless the third was and how little thought  - in part because there hasn't been enough time for said thought - has gone into retooling Labour for opposition.

As Iain Martin notes, it didn't take Labour long to welcome the news that the Irish economy shrank by 1.2% last quarter*. Welcome isn't quite how they put it but since Irish economic pain is a weapon with which the opposition can attack the coalition, Irish misery is a price worth paying so Ed Balls can feel vindicated. At least those who think fiscal restraint is needed at times such as these and who were perhaps too quick to welcome last quarter's healthy growth in Ireland can say they want to see Ireland do well. In truth, both sides of the British (and for that matter American) debate are too fond of treating the Irish as though they were nothing more than tiny lab rats subjected to a series of interesting economic experiments.

Bagehot had the misfortune to attend a Liberal Democrat fringe meeting on education reform. But I'm glad he did because he's produced a righteous post that demands to be read in full. Here's a taste of it: The title of the meeting was blunt: "Will Schools Have Too Much Freedom in a Big Society?" Mr Hames tried pluckily to defend the idea of radical, permissive reforms to British education policy. Such change might be messy, he conceded, as different sorts of schools and academies sprang up. But his audience—well-meaning and "progressive" local councillors, school heads and school governors—appeared convinced that changes to education policy (and certainly any changes to the powers of local councils over schools) spelled misery and disaster [...