In response to Labour’s pledge to cap drawdown charges, this is economic ignorance as usual.
Price controls never ever work (with possibly one exception). All that this will do is kill supply. There will be no drawdown schemes. At which point the same voices will say: “Look, the market has failed”. Idiot. The market has not failed. Labour leader Ed Miliband has failed by getting involved in stuff about which he has no clue.
Fundamentally, this shows that he and his colleagues are entirely ignorant of what prices are. Which is unsurprising, since it has been ably and repeatedly demonstrated that there is no possibility of any economic calculation under socialism.
Steven Farrall
Partner,
Williams Farrall Woodward,
Ipswich
