++Labour Economic Policy Meltdown Latest++

The latest phase of this exciting day's news, playing out before our very eyes on TV and online, sees things taking a turn for the even worse for Darling, Byrne and Mandelson. Far from their emergency smear operation, covered live and in its entirety on the Beeb, having the desired effect of lowering the graphite control rods into the overheating core of their economic policy, it has merely triggered a super-critical reaction - from the business leaders they have accidentally patronised as being too stupid to understand that the Tory Party is tricking them. Business leaders don't like that. No one does.


The Spectator has more...

Mandelson was in political warlord mode, flanked by Liam Byrne and Alistair Darling, his unlikely musclemen.

But they blew it. First, Byrne and Mandelson asserted, with absolute certainty, that the Tories will raise VAT. Opaque pledges cannot be successfully criticised by baseless soothsayings. Alistair Darling then compounded the error by suggesting that the Tories were too incompetent to cost tax pledges but sufficiently artful to con leading businessmen. That is absurd. Already, two of the letter writers have rejected the suggestion they’ve been duped, and maintain the incontestable point that a NI cut would encourage growth and employment - yesterday, Darling admitted that the NI rise would hit jobs - and the recovery by extension. Ian Cheshire, of Kingfishers, said:

"It's a little patronising to say we've been deceived, this is not a political point, it is a business issue."

After a momentary wobble, the advantage is with Cameron and the National Insurance cut.

This is turning out to be a marvellous April Fool's Day - but not if you're a Labourist fool, of course. But this is a major victory for Cameroons. And all because they started being Tories again. Who'd have thunk it?