Cautious Miliband doesn’t want to talk about borrowing
Labour is proposing to balance the current not the overall budget. This is presumably because they think that borrowing to spend money on capital projects is a sensible policy. But you wouldn’t have known that from watching Ed Miliband on BBC1 just now. In response to questions from Evan Davis, Miliband was determined not to say that Labour would borrow to invest. In a highly disciplined performance, Miliband would also not engage with Davis’ questions about inequality and whether it was a good thing if everyone got richer even if the gap between rich and poor widened. Indeed, Miliband was so cautious that you began to wonder if he’s started