We will need to answer some complex questions. How do we manage risk in financial markets, especially internationally, where most financial markets now operate? How do we ensure that Britain has the quality public services, infrastructure and the smart, confident people that business and innovation depend on but which the market will not necessarily produce on its own? How do we ensure that government is helping people cope with the buffeting economic conditions that come with the benefits of rapid economic change?
These are all questions about effective government. They are political challenges that the right, with its mantra of small government or neutered governance, is badly equipped to answer. Indeed as we see with the present discomfort of the Opposition Front Bench, they know that their ideological
assumptions have left them at sea.
Fascinating to see how Mandelson is reemerging as the curator of New Labour philosophy, as Martin Kettle points out here. And if you voted for Blair, this is as good an explanation of why you did it as anything I’ve seen.