Now, Neil Kinnock, as a former Labour leader who lost elections, has been admirably reluctant to intervene publicly over Starmer’s approach to Brexit and the election. In which context – yes, here it comes – Brexit rears its ugly head. Labour is planning to quell fears with a pledge to produce the highest “sustained growth” in the G7. After what happened in 1992, this is understandable, even if it frustrates the hopes of the many who wish to see the damage of austerity repaired fast.Įven so, critics are pointing to potential holes in this strategy, and arguing that the ultra-cautious figures still don’t add up thus, though rightly discredited, this shambles of a Tory party could still try its luck with a “tax bombshell” scare. Which brings us back to the present day, and the ultra-cautious approach to tax commitments of Starmer and his shadow chancellor, Rachel Reeves. My own view is that it was down to the cumulative success of then Tory chairman Chris Patten’s “Labour’s tax bombshell” campaign. Many blamed it on the putatively triumphalist tone of the party’s Sheffield rally that week, others on a disgustingly anti-Kinnock front page in the appalling Sun “newspaper” on election day. There were several explanations for Labour’s defeat. And, of course, John Major won the following day’s election. Roger and I have kicked ourselves ever since that, as seasoned racing men, we did not take advantage of those sensational odds. The prospect of a Labour victory after 13 years of Thatcherism and the recession of 1990-92 was considered so certain that the bookmakers were offering 6-1 against a Conservative victory. I was at Ascot the day before the 1992 election with the economist Roger Bootle. “Never has a governing party betrayed such contempt for voters it will soon ask for another term.”Īt this point, a vivid memory recurred. Keir Starmer is heading for a landslide,” he writes. While other commentators hedge their bets, Stephens sticks his neck out.
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