From the TUC

The Governor’s speech to the TUC

19 Sep 2010, by in Economics

William Keegan has an intelligent commentary on Mervyn King’s speech to the TUC last week in today’s Observer. Stephanie Flanders is worth reading too.

What I took from a subtle performance by the Governor was:

  • He did not blame the previous government’s spending for the crash – which is a rather different story than we usually hear from ministers.
  • He accepted that the government’s timetable for deficit reduction was a political choice, not a fiscal necessity.
  • He accepted that the balance between tax and spending cuts is again a political choice.

Choosing to say these things to the TUC also has a certain symbolism.

The 11 delegates who walked out, and many journalists wondered why we invited the Governor to Congress.

They seem reasons enough to me.