Governor’s Speech to TUC

Mervyn King made a brave speech today and came clean with the Trade Unions that the crash was not the fault of their members. This endorsement should be warmly appreciated by all those union bosses not blinkered by a political agenda in danger of neutering their collective power. The public will back a union campaign to call on the government to protect the vulnerable and for the cuts to be fair.

If the militants push the TUC into a political confrontation with the Coalition which is more about power and less about the reality that even under Labour cuts were scheduled and must happen no matter what, they will lose their public sympathy. Right across the economy households are paying down debt and saving more than for nearly a generation. The people themselves know you cannot go on borrowing more and more without it costing more and more. The Unions need to remember that.