Mandelson stands by his market
Peter Mandelson has fired a warning against those in Labour who want to “resurrect the 1983 party manifesto”.
In an interview with Progress magazine the new business secretary said he thought there was a “danger” some in the party might seek to abandon the market because of the current financial and banking crisis.
“We’ve all moved on, [and] more than anything, the public is not going to be interested in that,” he said.
“I don’t believe what’s happened is a market failure in the financial sector, I believe it’s a regulatory failure.”
Now the New Labour co-founder has launched a pre-emptive attack on the left wing of the Labour party, saying a rejection of the entire market system would be “absurd”.
Lord Mandelson has been in the headlines for the wrong reasons in recent weeks, with attention focused on his links with a Russian oligarch as he seeks to settle in after returning to the government.
Shadow chancellor George Osborne, who has subsequently found himself in trouble over allegations he solicited illegal donations, had said Lord Mandelson “dripped pure poison” about Gordon Brown while on holiday.
“The Tories hate me,” Lord Mandelson added, “for perfectly understandable reasons from their point of view, and some in the press are vindictive as well as eager to have fun at the expense of anyone they can set up to do so.”
He remained bullish about Labour’s chances of winning a historic fourth term, however, despite the Conservatives’ ongoing lead in the polls.
“My political experience tells me that the next election is one that we can win, rather than one we have already lost,” he said.
“And I think that reality is dawning, first and foremost on the Conservatives, judging by the hangdog expression on many of their faces; it’s yet to fully dawn on our own party.”
