I recall that from the Cameron/Osborne government, and for years afterwards, we were repeatedly told that the economic pressures afflicting the UK were due to “global factors”, despite the reality that many of the difficulties were exacerbated by the depressive effects of the ruinous squeeze euphemised as “austerity”.
Now, destabilising pressures on the economy are without doubt due in substantial part to “global factors”, especially the Trumpkrieg against Iran that is hitting every developed economy.
But most media are giving, at best, secondary attention to this reality – the Guardian is one of the few rational exceptions. Others convey the impression that bond markets are almost uniquely concerned about the fiscal stance of the Labour government, although market alarm is widespread across the planet (Burnham tries to calm bond market fears as sell-off threatens crucial first budget, 2 September).
No one should minimise the seriousness of the challenges at a time of relatively high UK debt obligations. But a perspective that included proportionate recognition of global conditions would serve the public interest. Self-harming media coverage and Tory amnesic bellowing doesn’t help. But, of course, it’s not intended to.
Neil Kinnock
Labour, House of Lords
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