Paul Waugh, writing on his Evening Standard blog, noted Lord Mandelson’s latest speech: ” Lord Mandelson has just delivered his speech on the need to Go for Growth. In it, he has compared George Osborne to Montagu Norman* – the Bank of England Governor during the 1930s who many on the left blame for spending cuts that deepened the depression.
“Of course consolidation is vital. But we have to show more sense and more caution that simply adopting a one club policy of cutting spending. Unfortunately, my friend George seems resolutely determined to duck the lessons of history and be the Montagu Norman of the 21st century.”