This is the demolition day for Gordon Brown's tax and spending policies. In the morning new figures showed Britain facing the biggest deficit in the world; at lunchtime the Prime Minister’s attempts to defend himself in the Commons ended in ridicule; and in the afternoon the Governor of the Bank of England delivered the final blow by demolishing for good any claim that this discredited government ever had to a credible plan for the recovery. The judgement David Cameron and I took last autumn to warn of Britain's looming debt crisis, and this summer to be honest about the need for spending cuts, has been entirely vindicated. We urgently need an election to rescue this country from a government whose denial is a danger to the recovery.
It's not been a good day for our poor Prime Minister, has it? I gather he was walloped at PMQs, and now this. I wonder if David Miliband has yet had pause to consider how wrong he was to stick by Gordon Brown two weeks ago? Believe me, several Labour MPs are pinning all the blame for future Brown disasters firmly on Miliband's lapel.