Labour need to face up to just how bad Ed Miliband is

Just watched Ed Miliband walk straight into the eager left wing sixth former elephant trap laid out for him by George Osborne on the 50p tax rate.

What's worse, for Labour, is how he did it. He seemed to think he was addressing the young fabians - not parliament and the nation. All the old class war type calls were in there - but he seemed oblivious to the fact that the messages he was putting out were putting of the voters his party - if it had any sense - should target.

Labour lack all credibility on financial matters. ( That's what wrecking a top world economy in 13 years does for your reputation. ) Ed should have sounded humble, agreed with a few points but tacked Osborne on growth.

Instead we got the I'm standing to be president of the student Labour club address.

I've seen some tweets from normally sane Labour people praising young RedEd's performance - they must have their fingers crossed as they type. ( Which is surprisingly difficult as I've just tried it. )

Surely they realise he has to go don't they ?

PS At least two items from my budget wish list ( neither of which I will personally benefit from ), and a few other things that I will ( esp tax threshold increase ). So I'm broadly happy - but would like to see the state rolled back faster.

False dawn I'm afraid

I don't know about you, but I detect a growing sense of optimism in the country. A feeling that the worse may be behind us. All the pundits say Greece will collapse again and need another bail out - Portugal is on the edge - the state is too big and the pension reforms ineffective.

Yes China looks financially a little wobbly, but suggestions are the stock market will rise - and gold is falling.

And yet you can't help the sunny feeling.

With the Queens jubilee and the Olympics coming it will only get more sunny.

In short its spring - and George is about to deliver his budget.

The papers say he may have more money to spend than expected ( if it isn't on tax cuts then his blowing it - but that's another story ).

But the fundamentals are still bad. The state too big, the people to unproductive ( sorry I don't mean we don't all work hard enough - we do - but millions don't and yet more are hampered by working in the wrong way or uselessly in the parasitic sector. )

Look at that debt clock top right - its still going up ....

... and the sands are still running out.

PS What would I like the budget ?

1. 50p tax rate abolished.
2. Reduction in corporation tax.
3.  Faster reduction in the deficit.
4. A proper acknowledgement of our real liabilities in the future.