Ed Miliband is trying not to let a crisis go to waste

Ed Miliband will deliver a speech to City and business audience at Reuters this morning (Friday) on the need for a new era of responsibility at the top of society and “one nation banking”.

The last time Miliband spoke at Reuters in Canary Wharf was at the height of the phone hacking scandal. Then his aim was to sustain momentum, judging by the probable content of tomorrow’s speech, it seems that will be the intention once again – focussing on Hester and bonuses, but also seeking to define “One Nation Banking”, stealing Tory language in the process:

“One nation banking recognises that banks must not be isolated from the rest of the economy. Because banks and small businesses must succeed or fail together, banks must lend to small businesses so we can get the growth and jobs we need for the future. As things stand, that is not happening enough. Lending was down £10.8billion last year.

But one nation banking also recognises that these institutions cannot be isolated from the rest of society – that we are once again at risk of becoming two nations in this country, segregated economically, geographically, and socially. This is not the kind of society in which I want to raise my children. And it is not the kind of society in which the vast majority of people in this country, including bankers, want to raise theirs.”

Miliband will also seek to reconnect the link between the financial crisis, and the current state of the economy – especially cuts – something the Labour leader hasn’t always made a habit of:

“This is not about one man, one bonus, or one knighthood. Nor is this about the politics of envy. It is about a culture of responsibility.

“Labour has set out the case for new rules to tackle irresponsibility from the benefits office to the boardroom. Values of fairness matter more than ever when times are tough.

“The consequences of the financial crisis are felt every time a library closes, every time a school can’t afford a new book, and every time a policeman or policewoman is taken off the beat.

“The banking sector needs to understand this. People who did not cause the financial crisis are paying the price. Too many of those who did cause the financial crisis are not.”

One sentence from the speech jumped out at me though:

“But these moments in our national life should not be the end of the debate. They should be the start.”

Ed Miliband believes that this is a unique moment in our politics when real change can occur. Or as Obama’s former chief of staff Rahm Emmanuel once said “never let a good crisis go to waste”. If he’s to make that more than just words though, he needs to continue seizing and driving the agenda – and get credit for that too.