I’m also pinching myself, to think it’s come to this. Incredibly, Ed Miliband is now the power broker in Labour. Party activists love him. Left-wing MPs are all for him. Andy Burnham will soon shower him with affection too. If Burnham wins the Makerfield by-election on 18 July, Miliband will help him replace Keir Starmer as PM. And Burnham will reward him handsomely.
Ed Miliband is now an unstoppable force. Keir Starmer tried to fire him as energy secretary but backed down when Miliband refused to budge. Rachel Reeves pressed him to ease his insane ban on new North Sea oil and gas drilling, then gave up. The man is untouchable. And now he’s going to get even more powerful. Miliband knows exactly what he wants in return for getting Andy Burnham Number 10. And it means a horror show for the rest of us.
Miliband may be the big man inside Labour but in the outside world he’s viewed as a menace. His net zero zealotry has sent our household energy bills through the roof while crushing industry. The insane North Sea drilling ban has deprived the Treasury of billions and destroyed tens of thousands of jobs. This is the very last person I’d want as chancellor. But that’s the job he covets, and Burnham looks set to give it to him.
Rachel Reeves will reluctantly make way for the mighty Miliband. Given the damage he’s done as energy secretary, I dread to think what he’ll do when he’s given a whole economy to play with. Britain will go from the frying pan straight into the fire.
He’ll almost certainly start by pouring even more of our money into his fantasy net zero projects. Previously, he’s backed mansion taxes and a 50p top rate of income tax. Now he’d push both through. Capital gains tax and inheritance tax hikes would almost certainly follow, and he’d explore a wealth tax on top. And of course he’ll hammer businesses with even more regulation, and more windfall taxes, while further empowering the trade unions. It would wreak economic havoc, and Labour members would love it.
Miliband would crush growth and drive even more wealthy taxpayers away, but here’s the most terrifying thing of all. We’ve learned that when his plans are challenged, as net zero has, he simply doubles down.
At least Keir Starmer has U-turned on some of his worst ideas. Miliband never backs down. He never will. While Starmer lacks conviction. Miliband is all conviction, sure he’s right about everything. And his newfound power broker status has clearly gone to his head.
The only force strong enough to stop Miliband is the bond market. Even then, I’m not convinced he’ll listen. A gilts crisis and currency meltdown could be the endgame. It’s a nightmare in the making, and may only be weeks away. It’s a great time to be Ed Miliband. And a nightmare for the rest of us.