Great Britain has for many years been spending £4 for every £3 we make. This sadly could not continue. Noone says the process is easy, and the pain is visible all over the country, and I see it regularly in my constituency surgeries.
But finally Ed Balls has admitted that he was wrong to oppose every limitation of the public spending cuts that the Coalition Government has had to make.
Thius far in this parliament Labour have opposed every single limit to public spending. This populist opportunism and grandstanding apparently will now stop - see his speech to the Fabian Society today as reported by the BBC:
I will believe the change to the 2 Ed's strategy when I see it but they will have to face down their union paymasters now.