Skip to content
Saturday 8 August 2026London --:--Frankfurt --:--Zurich --:--
NewslettersSearchEN · DE
MorningWire

European business, markets and politics

FTSE 100
10,901.09
+0.31%
DAX
26,319.45
+0.69%
CAC 40
8,714.93
+0.17%
STOXX 50
6,523.86
+0.33%
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
More
GermanyFranceBankingAIEnergyFintechPropertyCapital Markets
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
  • DE
Tuesday 21 January 2025 5:31 am  |  Updated:  Wednesday 22 January 2025 3:53 pm

Biden’s failure is a warning to Labour

By: Will Cooling

Add as a preferred source on Google
Starmer's trade deal with Trump has now been agreed.
Trump tells Starmer to "go get your own oil".

Rachel Reeves has said her economic proposals are inspired by Bidenomics, but even though America’s economy is prospering regular voters hated how Biden got them there – and that should worry Labour, says Will Cooling

Yesterday brought to an end Joe Biden’s long goodbye from public life. A man who once convened private meetings with historians to discuss how he could ensure his presidency would be considered a transformational one, will instead be remembered as nothing more than a failed interregnum between President Trump’s first and second acts. 

But in Britain we shouldn’t forget that, until the wheels came off, many within Labour saw tremendous similarities between themselves and Joe Biden’s administration. And that should set alarm bells ringing, because Biden’s fall from grace is no unfortunate accident. 

While Sir Keir Starmer is older than most of his peers in Westminster, at 62 years old he is still young enough to be Joe Biden’s son. So the question of Starmer being too old for the job is not a concern, but a quality he does share with the former President is a disinclination to clearly set priorities for his administration. Biden would repeatedly leave it to Senate moderates to reign in the wilder excesses of his party, whilst Starmer is comfortable letting the Treasury impose fiscal discipline on his ministers spending plans. But this is a negative form of moderation that not only creates a sense of drift and division, but can lead to the wrong issues being prioritised. 

A quality Starmer shares with the former President is a disinclination to clearly set priorities for his administration

It is not that long ago that Rachel Reeves openly said that Labour’s economic proposals were inspired by Bidenomics. Whether it’s the investments in green energy, embrace of tighter employment regulations and a higher minimum wage, investment in childcare, failure to rapidly unwind cuts to legal immigration, or desire to get the country building again, the similarities are there for all to see. Even today you can argue that this economic programme worked given that America has the strongest economy in the developed world, with strong economic growth and high employment. 

The only problem is that people hated how Biden got them there, not least the high inflation it generated. Given that Britain is still dealing with much higher fuel prices than was the case four years ago, the government may want to ponder the full impact of trying to run the economy hot to improve productivity and expand capacity. Even if it works, the leaner economy it creates may just feel meaner to the average voter. 

But for the biggest warning, it’s actually worth going all the way back to the 2020 election. Despite his administration having been a messy soap opera at the best of times and a dangerous liability at the worst, Donald Trump actually secured 11m more votes than he secured in 2016. Biden had won, but without the overwhelming mandate that the opinion polls had predicted. 

The right divided

If this sounds familiar, it’s because something similar happened here in the UK. Sir Keir Starmer became Prime Minister in 2024 but he secured far fewer votes than anyone expected. A divided right means he enjoys a parliamentary majority far larger than any American congressional leader could dream of, but there is no getting away from the fact that Labour was not as popular as many thought they were going into last year’s general election. And that means, just like Joe Biden, Sir Keir Starmer has far less margin for error than one might assume.  

And if Labour are tempted to tell themselves that the Tories or Reform UK are clearly incapable of changing sufficiently to seize the opportunity should they disappoint swing voters, they should look again at the man who took the Oath yesterday. Because Donald Trump hasn’t changed one bit, and yet he still managed to win.

Will Cooling writes about politics and pop culture at It Could be Said Substack

Play Video
Read more

On this day: the birth of Michael Foot

Michael Foot speaking at a public rally in a city square with a large crowd and buildings in the background.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • Opinion

Categories

  • Opinion

People & Organisations

  • bidenomics
  • Donald Trump
  • Joe Biden
  • Keir Starmer
  • President Donald Trump
  • Rachel Reeves

Related Topics

  • Joe Biden

Trending Articles

  • WPP slashes jobs as revenue continues to fall

  • Liverpool owners tipped to sell – but not to Amazon boss Bezos – by former CEO

  • Revolut founder’s wealth set to balloon amid talks of share award at $500bn valuation

  • Starling plans to ‘come out swinging’ in diversification bid

  • As it happened: Stocks rise despite new tensions in Strait of Hormuz; Oil price climbs

More from Morning Wire

  • On this day: the birth of Michael Foot

    Opinion
    Michael Foot speaking at a public rally in a city square with a large crowd and buildings in the background.
  • Burnham premiership begins with decline in job postings

    Economics
    Andy Burnham, Mayor of Greater Manchester, in a professional setting.
  • Andy Burnham is utterly delusional

    Opinion
    Andy Burnham speaking at a press conference, expressing confidence despite challenges, highlighting leadership and resilie...
  • Burnham: I’ll be a pro-business Prime Minister

    Politics
    Andy Burnham speaking at Labour leadership event, addressing the audience with confidence and engaging in political discou...
  • Brits say Burnham should call an election

    Politics
    Number 10 Downing Street entrance with iconic black door, symbolizing British political power and leadership
  • Has Nigel Farage peaked too soon?

    Opinion
    Nigel Farage delivering a speech in July 2026, wearing a suit, addressing an audience at a political event.
  • Sadiq Khan lobbies Burnham to appoint Miliband as Chancellor 

    Politics
    Sadiq Khan addressing media at a press conference in formal attire, discussing recent developments in London policies
  • Voters expect Burnham to hike taxes

    Politics
    Andy Burnham discussing capital gains tax increase during a press conference, highlighting potential economic impacts
MorningWire

Independent European business, markets and political news for decision-makers.

Morning Briefing

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Business

  • Markets
  • Banking
  • Technology
  • Energy
  • Property
  • Fintech

Editorial

  • Opinion
  • Editorial Policy
  • Corrections
  • Contact

Company

  • About Morning Wire
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
© 2026 Morning Wire Ltd · Published by Morning Wire Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
Privacy · Terms · Cookies · Facebook