Capital Spending

When energy guarantee was announced the markets barely moved. What the markets responded to was an economic strategy that made no sense to anyone. The idea that you just tap cut taxes and then miraculously the economy would grow and tax receipts would increase didn't work. No one bought that and I think it was a lack of competence or the seeming lack of confidence of the market we acted to rather than the quantum of boring. There's a real danger for the Labour Party here in that sense. It ties Labour back into what did for the Labour party argument in 2010 is this sort of straight jacket of supposed fiscal responsibility.