‘Balls is also calculating that the second half of a double-dip recession is on the way and is staking out ground on which he can be the one to proclaim to the country: I told you so.’
In terms of Britain’s economic debate, I agree with Pete: it would be preferable if Balls were banished to obscurity. But the Labour party is embarking on a long period of internal debate and rupture: Balls will not be peripheral even if either Miliband wins. If the coalition survives it will be at Labour’s constant expense, and it is perfectly conceivable that the next Labour leader will suffer the same fate as IDS.
Recession may have struck again during that time. The cause might not be spending cuts but Balls will declare: I told you so. Then, Britain might listen.