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The Business podcast: Labour’s economic plan

Labour’s shadow chancellor Ed Balls laid out a five-point plan for economic growth that included a reintroduction of the tax on bankers’ bonuses, cuts to VAT, investment in infrastructure and cuts to national insurance.

The plan came with an apology for Labour’s failure to better regulate the banks before the credit crunch; but Balls made it clear that the party should take no blame for the worldwide financial crisis.

Tom Clark hears from party delegates at the conference venue in Liverpool. Toby Perkins (MP for Chesterfield) says that Ed Balls was right to say that Labour would not be making promises to reverse any of the government’s cuts before the next election.

According to Guardian columnists Jonathan Freedland and Seumas Milne, the speech had to both take the fight to the government and change the terms of the debate on the economy – the results were mixed.

Finally we hear from economist Will Hutton and Gavin Kelly of the Resolution Foundation on whether Labour has grasped the full extent of the response required to the current crisis.

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