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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Harriet Harman warns that the Brexit debate has been dominated by men

The former deputy leader hit out at the marginalisation of women's voices in the EU referendum campaign.

The EU referendum campaign has been dominated by men, Labour’s former deputy leader Harriet Harman warns today. The veteran MP, who was acting Labour leader between May and September last year, said that the absence of female voices in the debate has meant that arguments about the ramifications of Brexit for British women have not been heard.

Harman has written to Sharon White, the Chief of Executive of Ofcom, expressing her “serious concern that the referendum campaign has to date been dominated by men.” She says: “Half the population of this country are women and our membership of the EU is important to women’s lives. Yet men are – as usual – pushing women out.”

Research by Labour has revealed that since the start of this year, just 10 women politicians have appeared on the BBC’s Today programme to discuss the referendum, compared to 48 men. On BBC Breakfast over the same time period, there have been 12 male politicians interviewed on the subject compared to only 2 women. On ITV’s Good Morning Britain, 18 men and 6 women have talked about the referendum.

In her letter, Harman says that the dearth of women “fails to reflect the breadth of voices involved with the campaign and as a consequence, a narrow range [of] issues ends up being discussed, leaving many women feeling shut out of the national debate.”

Harman calls on Ofcom “to do what it can amongst broadcasters to help ensure women are properly represented on broadcast media and that serious issues affecting female voters are given adequate media coverage.” 

She says: "women are being excluded and the debate narrowed.  The broadcasters have to keep a balance between those who want remain and those who want to leave. They should have a balance between men and women." 

A report published by Loughborough University yesterday found that women have been “significantly marginalised” in reporting of the referendum, with just 16 per cent of TV appearances on the subject being by women. Additionally, none of the ten individuals who have received the most press coverage on the topic is a woman.

Harman's intervention comes amidst increasing concerns that many if not all of the new “metro mayors” elected from next year will be men. Despite Greater Manchester having an equal number of male and female Labour MPs, the current candidates for the Labour nomination for the new Manchester mayoralty are all men. Luciana Berger, the Shadow Minister for mental health, is reportedly considering running to be Labour’s candidate for mayor of the Liverpool city region, but will face strong competition from incumbent mayor Joe Anderson and fellow MP Steve Rotheram.

Last week, Harriet Harman tweeted her hope that some of the new mayors would be women.  

Henry Zeffman writes about politics and is the winner of the Anthony Howard Award 2015.