Another admission of economic failure from Labour

I almost missed this little gem over the weekend but apparently Welsh Secretary Peter Hain has said a re-elected Labour Government would apply for a third round of European Money for Wales.

Yes you did read that right a third round of Convergence/Objective One money, the pot of money given to the poorest part of Europe because their GDP is much lower than the EU average – a truly damming verdict on Labour’s record in Wales, not that Peter Hain, Carwyn Jones or Rhodri Morgan would agree mind you.

And for all the huffing and puffing from the other Parties (Plaid Cymru included) they haven’t managed to win the economic argument and convince the Welsh public that the economy and job prospects would be any different in their hands, so the cycle of decline continues at pace.

I remember at the time the first lot of Objective One funds were approved for Wales a colleague of mine called it the equivalent of winning a booby prize in the raffle, well more than a decade and a second lot of money later it looks like all Wales will ever win is the booby prize unless we have some honesty from Labour and the Welsh Assembly Government about economic mistakes and they are able to open their minds to alternative economic ideas.

Sadly I'm not hopeful of any change.Any source