This is an excellent piece.
First, why don’t Labour politicians grasp that the “economy” they fostered is not worth “saving”, because it exacerbated the very social problems that they are presently wringing their hands over (again)? Second, why don’t they grasp that the “economy” they fostered can’t be “saved” anyway? It is all over, because it was a mirage.
It’s no use crying that the crash was caused by “international conditions”. Not long before the financial meltdown, Labour was thrilled to observe that London had recently overtaken New York as the most powerful financial centre in the world. Britain played a huge part in setting those international conditions, under a chancellor who thought he could harness the cash generated by a free-market economy to deliver on public services and make everybody happy.
Everybody isn’t happy, as the polls show only too clearly.