The bar was set high, and Ed Miliband has cleared it

"An audition before the country for the post of Prime Minister."

The Labour leader took a risk today. There was a technical risk: he spoke without notes, which can go wrong in many ways. And the speech was long, which exponentially increases the danger of stumbling and losing the audience. But that is a small practical obstacle compared to the tactical gamble that his speech represented, which was – in effect – advertising itself as an audition before the country for the post of Prime Minister.

He didn’t set it out in quite those terms, but throughout the week his team has been allowing the idea to float around that this would be a defining piece of oration. The Miliband camp took the highly hazardous step of acknowledging that there had been flaws in the way their candidate presented himself and admitting that voters are under-whelmed by the Labour leader – or downright dismissive. So expectations were ramped up, which is the opposite of what usually happens. (The standard line at these conferences is “it’s only a speech, why is everyone so excited, of course it’s not a make or break moment.” Etc.)

So the Miliband operation set the bar high. Luckily for them, the Labour leader appears to have cleared it. He seemed much more confident than he has done on similar occasions in the past; much more in control of the mood in the room and much more assertive in delivering his message. He got a few good laughs in the right places. His theme - “One Nation” - was a pretty audacious raid on Tory language and, as a fusion of traditional left appeals to solidarity and a patriotic idiom more commonly associated with the right, it clearly has potential as a platform to reach out to a wide section of the electorate. His aides are busy now describing it as a radical vision. (That, of course, is something they always do.)

The obvious criticism was that Miliband is still travelling very light on policy and still skirts over the question of tricky spending pledges. It wasn’t exactly a macho demonstration of tough choices and a trampling of party shibboleths. (That really isn’t Miliband’s style.) He is wide open to the charge of policy flimsiness. No doubt the defence will come out that David Cameron was no more heavily freighted with practical policy at an equivalent point in his time in opposition. The mid-term challenge is to attract voters attention and sustain their interest in a way that makes them think they might be looking at their next Prime Minister. That was the explicit task that Ed Miliband set himself this week. Did he pass the audition? Too early to tell. But I suspect the party will come away more confident that they can talk about Prime Minister Miliband and the Conservatives will be a little bit less complacent in their assumption that no one is listening.

Labour Party leader Ed Miliband acknowledges the applause after delivering his keynote on October 02, 2012 Photograph: Getty Images

Rafael Behr is political columnist at the Guardian and former political editor of the New Statesman

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By refusing to stand down, Jeremy Corbyn has betrayed the British working classes

The most successful Labour politicians of the last decades brought to politics not only a burning desire to improve the lot of the working classes but also an understanding of how free market economies work.

Jeremy Corbyn has defended his refusal to resign the leadership of the Labour Party on the grounds that to do so would be betraying all his supporters in the country at large. But by staying on as leader of the party and hence dooming it to heavy defeat in the next general election he would be betraying the interests of the working classes this country. More years of Tory rule means more years of austerity, further cuts in public services, and perpetuation of the gross inequality of incomes. The former Chief Secretary to the Treasury, Seema Malhotra, made the same point when she told Newsnight that “We have an unelectable leader, and if we lose elections then the price of our failure is paid by the working people of this country and their families who do not have a government to stand up for them.”

Of course, in different ways, many leading figures in the Labour movement, particularly in the trade unions, have betrayed the interests of the working classes for several decades. For example, in contrast with their union counterparts in the Scandinavian countries who pressurised governments to help move workers out of declining industries into expanding sectors of the economy, many British trade union leaders adopted the opposite policy. More generally, the trade unions have played a big part in the election of Labour party leaders, like Corbyn, who were unlikely to win a parliamentary election, thereby perpetuating the rule of Tory governments dedicated to promoting the interests of the richer sections of society.

And worse still, even in opposition Corbyn failed to protect the interests of the working classes. He did this by his abysmal failure to understand the significance of Tory economic policies. For example, when the Chancellor of the Exchequer had finished presenting the last budget, in which taxes were reduced for the rich at the expense of public services that benefit everybody, especially the poor, the best John McConnell could do – presumably in agreement with Corbyn – was to stand up and mock the Chancellor for having failed to fulfill his party’s old promise to balance the budget by this year! Obviously neither he nor Corbyn understood that had the government done so the effects on working class standards of living would have been even worse. Neither of them seems to have learnt that the object of fiscal policy is to balance the economy, not the budget.

Instead, they have gone along with Tory myth about the importance of not leaving future generations with the burden of debt. They have never asked “To whom would future generations owe this debt?” To their dead ancestors? To Martians? When Cameron and his accomplices banged on about how important it was to cut public expenditures because the average household in Britain owed about £3,000, they never pointed out that this meant that the average household in Britain was a creditor to the tune of about the same amount (after allowing for net overseas lending). Instead they went along with all this balanced budget nonsense. They did not understand that balancing the budget was just the excuse needed to justify the prime objective of the Tory Party, namely to reduce public expenditures in order to be able to reduce taxes on the rich. For Corbyn and his allies to go along with an overriding objective of balancing the budget is breathtaking economic illiteracy. And the working classes have paid the price.

One left-wing member of the panel on Question Time last week complained that the interests of the working classes were ignored by “the elite”. But it is members of the elite who have been most successful in promoting the interests of the working classes. The most successful pro-working class governments since the war have all been led mainly by politicians who would be castigated for being part of the elite, such as Clement Atlee, Harold Wilson, Tony Crosland, Barbara Castle, Richard Crossman, Roy Jenkins, Denis Healey, Tony Blair, and many others too numerous to list. They brought to politics not only a burning desire to improve the lot of the working classes (from which some of them, like me, had emerged) and reduce inequality in society but also an understanding of how free market economies work and how to deal with its deficiencies. This happens to be more effective than ignorant rhetoric that can only stroke the egos and satisfy the vanity of demagogues

People of stature like those I have singled out above seem to be much more rare in politics these days. But there is surely no need to go to other extreme and persist with leaders like Jeremy Corbyn, a certain election loser, however pure his motives and principled his ambitions.

Wilfred Beckerman is an Emeritus Fellow of Balliol College, Oxford, and was, for several years in the 1970s, the economics correspondent for the New Statesman