Is this irony?

The Guardian, commenting on the British Labour Party's convoluted policy review:

There is also dark talk of a mechanism to address waste in public spending. An inquiry could be set up on the issue. (1)

Wouldn't that be rather a waste of public money?

1 - "Labour's policy review is to scrutinise the party's decline – then bounce back," by Patrick Wintour. Published in The gaurdian, 22nd of June,2011. (http://www.guardian.co.uk/politics/2011/jun/22/labour-policy-review-bounce-back)