Ed Balls ties himself in knots

The Most Annoying Figure in British Politics™ is spread absolutely everywhere today: in the newspapers, on Twitter and, most notably, in interview with the New Statesman’s Mehdi Hasan. The interview really is worth reading, not least because it pulls out and probes some of Ball’s arguments, both for himself and for Labour’s fiscal reasoning. Guido has already dwelt on the former — “I’m a very loyal person,” quoth the shadow chancellor — but what about the latter? Three things struck me:

1) Oh, yeah, there was a structural deficit. The Big News here is probably Balls’s admission that Labour did run up a structural deficit (i.e. a deficit that remains even when the economy is functioning as well as it should) after all. It was only back in January that the shadow chancellor said “I don’t think we had a structural deficit at all in that period.” Yet here he is with the slippery line that “in retrospect, of course there was a structural deficit.”