The right sees opportunity in a crisis. Why can’t the left? | Larry Elliott

Labour missed its chance for real change after the financial crash. Now it is in danger of flunking it on Brexit

In normal circumstances, John McDonnell’s plan to shake up the Bank of England would be creating quite a buzz in Labour circles. The proposal that Threadneedle Street should have a productivity growth target as well as one for inflation would be the biggest change to the way the Bank operates since it was granted the power to set interest rates by Gordon Brown in 1997. These, though, are not normal circumstances. The political focus is on whether the government can get Brexit legislation through parliament, not on whether it is possible to give the Bank the task of raising Britain’s long-term growth rate. As the second anniversary of the EU referendum approaches, McDonnell might think it is time to move on, but the left as a whole is having trouble doing so. That’s unfortunate but indicative of a deep, and politically dangerous, conservatism.

Related: Labour to propose Bank of England remit to boost productivity

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from The Guardian https://ift.tt/2thObKY