Fraser Nelson Fraser Nelson

The truth about Labour and overspending

Ed Miliband’s worst moment in the Question Time debate came when he refused to accept that Labour had spent too much before the crash. The audience reacted with fury: how could he be trusted if he has yet to work out what he did wrong? This is toxic for him because his denial is completely genuine: he has convinced himself that the debt crisis is unconnected to what he got up to when serving in HM Treasury.

After three years of prudence, Gordon Brown switched tactics in 2000 and committed himself to a massive, audacious project: the Europeanisation of the British economy. He set out to shift our political centre of gravity, from being the 'third way' between the EU and the US and becoming an EU-style country with a massive government and masses of people dependant on that government. This

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