JUST how red is Ed?

His speech at his party’s conference yesterday didn’t really set out any detail of what he would do if ever he should become Prime Minister, but it was clearly an attempt to put some distance between him and the New Labour project led by Tony Blair and Lord Mandelson.

At the heart of that project, of course, was the firm belief that a properly functioning market economy was essential to secure Britain’s future. Back in 1997, New Labour went to huge efforts, and many lunches, to woo and reassure the City and industry that it would be good for business. At the time, the campaign proved to be very persuasive, but whether Britain’s captains of industry are still convinced is another thing.

I expect it will turn out that Ed Miliband is looking to reassure a completely different audience, not least the union leaders and members who put him in the party’s top job.

Due to the complex workings of the Labour electoral college system for electing a leader, Mr Miliband is in the debt of the unions for his position. The union vote was the only segment of the college that gave Ed Miliband majority support. The other two elements, the Westminster MPs and the grassroots membership, voted for his brother, David.

The fact that a majority of MPs voted for a different party leader creates at least the theoretical possibility that, if ever push comes to shove, it would be David and not Ed who would command a majority in the House of Commons. That would create a potentially huge constitutional crisis which would put the Queen in a difficult position, should it come to inviting a Labour politician to form a government.

One thing is for certain: should more leftish- leaning elements of the Labour Party ever come to power, they would relish the opportunity to make what they would see as amends for decades of marginalisation in their own party and in the country. Taxes would rise, spending would rise, enterprise would be stifled and foreign investment into Britain scared off for years to come.

At this stage, this sort of fear is more theoretical than real, but the wait and see stance of the Confederation of British Industry yesterday is telling.

THE World Expo in Shanghai comes to an end next month.

Liverpool’s presence at the Expo has been a wonderful opportunity for the city to sell itself on the world stage. It is undoubtedly correct to say that the six-month show has been beneficial in many soft or intangible ways, but what concrete wins have there been?

The aim was to sell Liverpool as a place to invest. To date, no big deals have been secured: no property investors lined up to back Peel Holdings’ vision for Liverpool’s north docks. Maybe the big deal is being held back until Liverpool Day, in the middle of October. It better had, because, without one, the whole venture will be a bit of a let-down. In current market conditions, it is hard to justify the investment in Shanghai on the grounds of the softer benefits. In a climate when schools are not being built, police officers made redundant, tangible results are everything.

And when it is all over, what then? What initiatives are around to push Liverpool forward on the world stage?

The answer is, sadly, not much. The chances are that promotion of the region will take a back seat as budgets are cut to help rebalance the nation’s finances. The proposed Local Enterprise Partnerships are unlikely to have the clout to compete on the world stage.