Miliband takes on the banks

Labour leader Ed Miliband’s call for a “reckoning” with the banking sector is the latest phase of his “overtly anti-capitalist agenda”, says Jeremy Warner in The Daily Telegraph. By shifting his party so “decisively to the left” he has forced the Tories to abandon some of their free-market principles in their efforts to “outsmart him”.

Ideologically, Miliband’s promised onslaught against the “malefactors of great wealth” is based on the precedent of Theodore Roosevelt, who took on the “robber barons” in the early 20th century.

Miliband’s ideas may be “economically questionable”, but they have popular appeal. Modern capitalism seems to have [...]

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