Second, all our promises of change at this election were undermined by doubts about our economic competence.
Was the last Labour Government’s investment in schools and hospitals responsible for the global financial crisis? No. And we should have been stronger in rebutting that false charge when it was first made. Our failure to do so left us hamstrung – even when the Tories abandoned fiscal responsibility in favour of unfunded and unbelievable promises.
Labour fought this election with a manifesto costed down to the last penny. We carried out our own zero-based reviews, scrutinising every line of government spending.
Were we this focused on looking after every pound before 2007? Clearly not. Would the last government have been in a stronger position to respond to the financial crisis if we had been? Of course. And we should say so. Only then will we be able to regain trust as safe custodians of taxpayers’ money.