Miliband has brought together living standards and responsible capitalism

The Labour leader argued convincingly that the cost-of-living crisis is the direct result of the deep structural faults in the economy.

There was plenty of politics in Ed Miliband’s speech this morning. The Labour leader has an election to win and banker bashing isn’t going out of fashion any time soon. But the speech was also a serious attempt to bring together the twin tracks of Labour’s economic thinking, which have in the past seemed a little too distant.

By arguing that the cost-of-living crisis is the direct result of the deep structural faults in the economy Miliband made a jump from short-term pressures on family finances to the prospect of long-term decline and insecurity. He brought together the micro-economics of living standards with an argument for a structural, macro-economic reordering.

The case for rebalancing, not just a resumption of growth, is now compelling. Next month a Fabian Society research report weighs up the positive and negative signals emerging from the recovery. On the plus side, growth is of course better than no growth, and the labour market has brought genuine good news. But most of the indicators suggests a deeply-skewed recovery which won’t deliver sustainable, broadly-shared prosperity any time soon: business investment and productivity are flat; household savings are falling and housing is becoming less affordable; real median earnings are not yet growing; and poverty and inequality are on the rise.

In his speech, Miliband talked about business investment, skills and the changing nature of jobs. So Labour is making a serious attempt to respond to these structural faults with long-term structural solutions, not just election-day bungs.

Now the party has to sign-up to market interventions which will move the needle on the big macro-economic indicators, and without costing too much public money. To make a difference on this larger scale it takes a lot of micro-economic interventions (the clue is in the name). So Labour needs to leap-frog the Chancellor's intervention on the minimum wage and promise a slew of similarly radical policies.

The story continues next weekend when Ed Balls makes his first big speech of the year at the Fabian New Year Conference. Balls has sometimes been portrayed as somewhat detached from Miliband’s agenda for economic reform. However, in his interview with the New Statesman earlier this month, the shadow chancellor talked of the economic task being to deliver more balanced growth.

The more Miliband makes "responsible capitalism" sound like it’s really about the economic fundamentals of investment, earnings, productivity and inequality, the more he and the shadow chancellor are likely to be at one. Labour will not be able to sell its economic story with only one Ed. Next week is Balls’s chance to pick up the baton.

Ed Balls will be speaking at the Fabian New Year conference on 25 January www.fabians.org.uk

Ed Miliband visits the Five Points Brewing Company in Hackney after delivering his speech on banking reform this morning. Photograph: Getty Images.

Andrew Harrop is general secretary of the Fabian Society.

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The footie is back. Three weeks in and what have we learned so far?

Barcleys, boots and big names... the Prem is back.

Another season, another reason for making whoopee cushions and giving them to Spurs fans to cheer them up during the long winter afternoons ahead. What have we learned so far?

Big names are vital. Just ask the manager of the Man United shop. The arrival of Schneiderlin and Schweinsteiger has done wonders for the sale of repro tops and they’ve run out of letters. Benedict Cumberbatch, please join Carlisle United. They’re desperate for some extra income.

Beards are still in. The whole Prem is bristling with them, the skinniest, weediest player convinced he’s Andrea Pirlo. Even my young friend and neighbour Ed Miliband has grown a beard, according to his holiday snaps. Sign him.

Boots Not always had my best specs on, but here and abroad I detect a new form of bootee creeping in – slightly higher on the ankle, not heavy-plated as in the old days but very light, probably made from the bums of newborn babies.

Barclays Still driving me mad. Now it’s screaming from the perimeter boards that it’s “Championing the true Spirit of the Game”. What the hell does that mean? Thank God this is its last season as proud sponsor of the Prem.

Pitches Some groundsmen have clearly been on the weeds. How else can you explain the Stoke pitch suddenly having concentric circles, while Southampton and Portsmouth have acquired tartan stripes? Go easy on the mowers, chaps. Footballers find it hard enough to pass in straight lines.

Strips Have you seen the Everton third kit top? Like a cheap market-stall T-shirt, but the colour, my dears, the colour is gorgeous – it’s Thames green. Yes, the very same we painted our front door back in the Seventies. The whole street copied, then le toot middle classes everywhere.

Scott Spedding Which international team do you think he plays for? I switched on the telly to find it was rugby, heard his name and thought, goodo, must be Scotland, come on, Scotland. Turned out to be the England-France game. Hmm, must be a member of that famous Cumbrian family, the Speddings from Mirehouse, where Tennyson imagined King Arthur’s Excalibur coming out the lake. Blow me, Scott Spedding turns out to be a Frenchman. Though he only acquired French citizenship last year, having been born and bred in South Africa. What’s in a name, eh?

Footballers are just so last season. Wayne Rooney and Harry Kane can’t score. The really good ones won’t come here – all we get is the crocks, the elderly, the bench-warmers, yet still we look to them to be our saviour. Oh my God, let’s hope we sign Falcao, he’s a genius, will make all the difference, so prayed all the Man United fans. Hold on: Chelsea fans. I’ve forgotten now where he went. They seek him here, they seek him there, is he alive or on the stairs, who feckin’ cares?

John Stones of Everton – brilliant season so far, now he is a genius, the solution to all of Chelsea’s problems, the heir to John Terry, captain of England for decades. Once he gets out of short trousers and learns to tie his own laces . . .

Managers are the real interest. So refreshing to have three young British managers in the Prem – Alex Neil at Norwich (34), Eddie Howe at Bournemouth (37) and that old hand at Swansea, Garry Monk, (36). Young Master Howe looks like a ball boy. Or a tea boy.

Mourinho is, of course, the main attraction. He has given us the best start to any of his seasons on this planet. Can you ever take your eyes off him? That handsome hooded look, that sarcastic sneer, the imperious hand in the air – and in his hair – all those languages, he’s so clearly brilliant, and yet, like many clever people, often lacking in common sense. How could he come down so heavily on Eva Carneiro, his Chelsea doctor? Just because you’re losing? Yes, José has been the best fun so far – plus Chelsea’s poor start. God, please don’t let him fall out with Abramovich. José, we need you.

Hunter Davies is a journalist, broadcaster and profilic author perhaps best known for writing about the Beatles. He is an ardent Tottenham fan and writes a regular column on football for the New Statesman.

This article first appeared in the 27 August 2015 issue of the New Statesman, Isis and the new barbarism