Why Labour may not be the winners if the British economy falls off a cliff

By Bagehot

ED MILIBAND, leader of the opposition Labour Party, gave a very bad speech about Britain’s economic situation today. It was so bad, indeed so self-defeatingly bad, that (at the risk of sounding rather parochial and hard-hearted) it sparks wider questions about the political consequences in Britain should recession lurch into full-blown economic catastrophe.

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