Ex-City minister launches savage attack on Labour

LORD MYNERS, the recently departed City minister, launched an astonishing attack on his former Labour colleagues’ economic record yesterday.

Backing the coalition government’s call for dramatic public spending cuts, the peer said: “There is nothing progressive about a government that consistently spends more than it can raise in taxation and certainly nothing progressive that endows generations to come with the liabilities incurred with respect to the current generation.”

Myners, who earned his spurs at fund manager Gartmore before joining Gordon Brown’s team in October 2008, said he was frequently frustrated by his fellow ministers’ “flawed thinking” on business matters.

New City minister Mark Hoban seized on the remarks as a “damning indictment” of Labour’s thinking.