Today was a day which demonstrated just how much Peter Mandelson has won back the turf he lost before Christmas in recent weeks. First, there was his interview in the Telegraph
where he comes out for the 50p top rate of tax going down when the fiscal situation allows. Then, there was Gordon Brown’s speech to the Fabians
brimful of talk about aspiration. Finally, there were Mandelson’s own brief remarks at that event which emphasised that ‘government alone cannot create jobs’ and the need to create a pro-business environment.
The question is whether Brown has now decided to stick by Mandelson’s suggested strategy all the way to the election, or whether he will flop back to his crude investment versus cuts, soak the rich strategy that he was using as recently as his appearance on the Andrew Marr show at the start of the year.