I was thinking of writing something but I thought I will calm down a bit before doing so. Ironically I remember listening to a speech by Ed Miliband himself reflecting on the last Labour government. He remarked how sometimes he would be listening to the radio in the morning and hear for the first time a new government announcement and he would say to himself “why on earth did we say that”? I had a very similar feeling listening to reports of Ed Balls speech last Saturday on my headphones while out on a long run. Why on earth did he say that?
At best this is similar to the 1997 Labour manifesto to keep to Tory government spending limits during the first (two) years. At worse it seems just a complete back track on any alternative economic policy.