Ed Balls, the former shadow chancellor who lost his seat in the general election, has spoken of his 'sense of loss' following Labour's defeat. In his first interview since the election, Balls described his personal defeat as 'a symbol of the vibrancy of our democracy' and reflected on his 20-year political career.
Balls acknowledged his share of responsibility for Labour's failure, saying: 'Ed Miliband said straight after the election he took responsibility but all of us have to bear our share of responsibility. I backed him as shadow chancellor 100%. In the end he didn't persuade people he could be the prime minister but I didn't persuade people I could be the chancellor either.' He added that it was 'pretty clear' who he blames for the party's failure to woo business, but stressed that both he and Miliband needed to take responsibility.
On the question of Labour's spending before the financial crisis, Balls defended the party's record, stating that the deficit was small and that a surplus would not have prevented the global financial crash. He said: 'The reality is that would have made a small difference, not a big difference, that couldn't have made a difference to the global financial crisis.'
Balls also discussed his wife Yvette Cooper's bid for the Labour leadership, describing her as 'brilliant'. He said he was not yet ready to return to Westminster but would consider his future in due course.
