I didn’t watch Boris’ Conference speech yesterday. I’d spent the previous evening drunk and crying on a friend’s shoulder, so didn’t really feel up to the inescapable horror of a Tory Conference.
I did, though, read the papers this morning. They told me much what I’d expected; our Mayor made a speech heavy on witticism and low on content. What content there was didn’t impress. Quoth BoJo:
“I say to the Labour government – you will not make this country or its capital more competitive by driving away talent. You cannot regulate your way out of a recession. You can certainly regulate your way into one,”
“No matter how much you may dislike the Masters of the Universe, my friends, there are plenty of other parts of the universe that would welcome them.”
Note the obvious flaws in his statement. Individuals who permit their institutions to lend money to people who can’t afford to pay it back, buy up similar debts, borrow on the anticipation of receipt of those initial debts to pay off these debts and so drive those institutions to the wall when credit or repayment runs out can hardly be described as “talent.” Nor can their creation of jobs be much applauded when they take those jobs back with the same ease.
The assault on regulation, meanwhile, lacks impact. Doesn’t he consider that it’s possible to institute some, limited regulation and so solve a problem without regulating businesses into the ground? Regulation occurs by degree, not by monolithic bloc. You can provide some regulation to protect both customers and institutions from certain irresponsible employees (to prevent the sheer amount of fiscal incestuousness inherent in this degree of entanglement, for example) without regulating everything. And that’s what is necessary.
Not, of course, that Boris provides any working alternative or hint of what he feels might be necessary. The policy he did provide proved predictable:
“I am pleased to announce that for the first time since the GLA was created, for the first time since London has had a mayor. I will not be coming back to the people and asking them for more money in tax. There will be no increase in our share of the council tax next year,” he said.
Well done, Boris. You cut taxes, and phrased it in the language of concern for individuals. You also failed to mention that this cut in tax would be funded by comes alongside a sizable rise in public transport fares; 11% in fact. A move which shifts the burden of payment from those who can afford it - that is, those with higher bills vaguely detirmined by your wealth - to those who can’t.
Odd that you can apply the logic that the credit crunch will make life difficult to some Londoners, but not others. Many who use public transport use it because they can’t afford a car; and so they need it, and they need it to remain affordable. The same cannot usually be said of those who pay higher rates of council tax, and who’ll benefit now.
Johnson claimed the content of his speech illustrated just what a Conservative would do in government. I worry intensely for 2010; that speech equated to a declaration of pride in the belief that the rich should pay less and the poor more, and that government just shouldn’t try to redress that balance. Just like Thatcher, then.
EDIT: I mistook which money came from which pot. See comments.