So well-trailed has Ed Miliband’s speech on the economy been that it is easy to forget he hasn’t actually delivered it yet. That, and George Osborne’s announcement that he favours an above-inflation rise in the minimum wage, means Miliband may struggle to command the attention of the media tomorrow. But the speech, which I’m told by a Labour source he will deliver without notes, is an important guide to the narrative he will pursue in the months to come. With average wages likely to outstrip prices at some point this year, he will seek to reframe the “cost of living crisis” as a long-term problem that will only be solved through long-term changes to the economy. Here’s the key passage:
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- How many additional branches the big banks will need to sell off and other regulatory changes needed to bolster competition
- The timetable for the divestment of branches beginning within six months of the report and completed within a five year parliament
- The maximum threshold for future market shares which would automatically trigger another CMA investigation if breached – and prevent any merger or acquisition taking place which exceeds that threshold.
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