The problem for Labour

The problem for Labour is the economy. The economic cycle is out of sync with the political cycle. Gordon Brown's decision to let state spending grow on an unsustainable path means higher taxes and higher interest rates down the line. The mass of regulation means the labour market is not well situated to cope with a down turn. When unemployment rises, it will rise to a higher level than it would without a minimum wage, ever more intrusive regulations, and restored union privileges. But that won't happen this year, and probably not next. The bad economic news will just be beginning to bite when Brown takes over the government. So then who will he blame?

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