Jon Moulton: Miliband as Britain's next PM is a "terrifying" prospect

The Better Capital founder’s scathing attack on the Labour Party leader

Veteran venture capitalist Jon Moulton thinks trusting Labour leader Ed Miliband with the economy is a bad idea.

Speaking to London Loves Business, the Better Capital founder expressed doubts over Ed Balls’ capability of being Shadow Chancellor of the Exchequer.

He said: “Can you trust Ed with the economy? As long as he has Mr Balls as his chancellor you would justifiably be terrified. Mr B had a big hand in the 2008 Budget which predicted a budget surplus in 2010 – he was only wrong by nearly £200bn. I know we should be forgiving but there are limits.

“Simply running up debt for another five years would be immoral – why should the next generation pay to keep us happier – and risky, as at some point the currency will get into trouble and we would have to have higher inflation and higher interest rates. And Ed would do this to us.”

Moulton went on to say that a Labour SNP partnership would be “extremely frightening”.

“If it’s Ed plus the SNP it would be extremely frightening. The SNP clearly believe that spending a lot more than you earn is a very good idea just because it’s not austerity. Actually it’s just pushing the pain of getting into balance farther forward and making it even harder to get to that balance.” He said.

“Of the available characters David Cameron is actually the best candidate for a leader!”

Speaking about whether David Cameron would make a good Prime Minister, Moulton said: “Of the available characters David Cameron is actually the best candidate for a leader!”

However, he said that Britain need a PM who’s not “from the more privileged sector of society” and has “no corrosive background in public relations”.

“I long for a leader not immersed in spin as their key skill base. I’d like to see someone who would simply try to rule for the best and for the most. We need someone who thinks truth to be the paramount source of policy.

“Sadly the excellent leader of Singapore, Lee Kwan Yew, is no longer with us – he would have got my vote,” he added.