ED MILIBAND SOCIALIST SPEECH CAUSES HAVOC ON STOCK MARKET – Mention the words ‘socialism’ or ‘communism’ to any self respecting investor and it’s likely you’ll have them running for the hills.
Yesterday, we explored Ed Miliband’s Labour Party Conference speech in which he declared he would bring back 1970s socialism to Britain; if re-elected in the 2015 General Election.
Mr. Miliband told his captive audience of socialists that he would, among other things, introduce price fixing for energy prices until 2017.
Owners of British Gas, Centrica, immediately responded by telling reporters that such a move would cripple future investment and it’s likely they would have no choice to pull out of the UK.
The Union militants, such as Unites Len McClusky, a hard line left-wing socialist – bordering on communism, gave a rapturous applause. Finally they had managed to put Ed Miliband right back in his place and his party paymasters are now plotting for a communist future for Britain; that’s only if Labour are voted in at the General Election.
We often think that a politician’s rhetoric really doesn’t go that far; in that most really don’t pay much attention, especially to left-wing socialism.
However, yesterday the stock market reacted swiftly to Ed Miliband’s speech on energy price fixing which resulted in over £2 billion being wiped off the value of energy company shares.
You might be thinking that it’s no big deal; after all it’s just the greedy energy companies that have suffered, unfortunately it is never that simple.
Many of the energy companies’ investors are made up by small investors who use stocks and shares as a way of saving for the future. There are also currently 200 pension funds tied in to such shares – therefore any adverse affect on the share price sends devastating ripples throughout the investment market and finally to ordinary individuals – yes that working class family that Labour confessed to protect from the tide of capitalism.
Mr. Miliband is not yet in power, but if such a socialist speech could do that much damage and in such a short space of time imagine how the markets would react if he was in power and did implement such a policy.
Mr. Miliband’s speech was nothing short of reckless and irresponsible; but he really didn’t have a choice. Mr. Miliband is now fully aware that without Union support he’s never going to get anywhere near the Prime Minister’s office and his speech was nothing more than a way to heal the rife between the Labour Party and Len McClusky’s Unite.
It’s not just energy that Mr. Miliband wants to control, he also noted under a Labour Government it would control the price of water, petrol and even claw back full power by the Government of the rail system.
As a result of his speech, business leaders across the country and the world warned that such policies would drive Britain into an economic meltdown. When you consider that such a speech wiped 5 per cent off the share value of Centrica in just a few short hours it is certain that implementing any such policy would cripple businesses and investors.
Centrica made its position perfectly clear in that it stated that such a price fixing scheme would not be economically viable for the company to operate in Britain.
Was this all hot air from Mr. Miliband simply to appease Len McClusky? The truth is that under the last Labour Government Mr.Miliband held the position as Energy Secretary. During his tenure he achieved nothing of notoriety and in fact could have made changes to the energy industry at the time – but failed to do so.
When you look at energy prices since 1997 during Mr. Miliband’s tenure as Energy Secretary, the public experienced the highest price rate hikes on record. Mr. Miliband was also presented in 2010, with a detailed energy plan which aimed to secure the supply of affordable energy – Mr. Miliband did nothing.
If the British public had but two choices of a future prime minister and the candidates were Ed Miliband and Kim Jong Un there would be no distinguishing the two; in regards to the devastating effect they would have on the British economy if elected – yes it really is that simple.
The Unite leader Len McClusky will have full control over Ed Miliband; that much is crystal clear – he is nothing more than a union puppet and if Len McClusky had his way he would be flying the Hammer and Sickle over Buckingham Place declaring the entire country ‘communist’ and as a result, bankrupt Britain.
Last night one unnamed former Labour Minister warmed Mr. Miliband that such socialist policies would result in industry and commerce collapsing and that unemployed would rise to over 3 million in just one year.
If this prospect frightens, and it should, just ask anyone living and paying taxes under the Labour Government of the 1970s. Here was a country racked by debt, where unemployment was approaching 4 million and the average working family paid 35 per cent income tax.
That was nothing compared to businesses which at one point were paying 97 per cent – yes, a socialist economy simply doesn’t work; Russia is testament to that fact.
We look upon the communist world and think of China; however even China is moving slowly towards capitalism for its leaders are fully aware that a socialist system simply does not promote growth – it continuously robs Peter to pay Paul and the result is uncontrollable spending and debt.
More on this issue – Daily Mail