David Cameron speaks to invited World War II veterans aboard HMS Belfast in central London, on May 20, 2014. Photograph: Getty Images.
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Bad news for the Tories as net migration and the deficit rise

Targets are missed on two fronts, with net migration up by 212,000 and borrowing up by £1.9bn. 

The Conservatives are in better spirits than almost anyone expected them to be on election day. Weeks of careful expectation management have ensured that a third-place finish in the Europeans has been priced into David Cameron's political share price, with potential rebels appeased in advance, while the narrowing of the national polls has reassured Conservative MPs that they can win the next general election. 

But the day has not started well for the Tories, with new figures showing that they're off course on two key targets. The ONS estimates that net migration rose by 212,000 last year, up from 177,000 in 2012 and far above the "tens of thousands" Cameron is aiming for. 

In addition, the deficit stood at £11.5bn last month, a year-on-year increase of £1.9bn. With borrowing still rising, despite the return of growth, there is no prospect of George Osborne meeting his pledge to reduce the national debt as a share of GDP by 2015-16 and to eliminate the structural deficit by the end of this parliament. 

But while the figures represent an unarguable policy failure for the Tories, the political question is whether Labour can capitalise. As long as voters continue to doubt that the opposition would be any better at reducing immigration and the deficit, Miliband will struggle to reap any benefits. 

George Eaton is political editor of the New Statesman.

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What did Jeremy Corbyn really say about Bin Laden?

He's been critiqued for calling Bin Laden's death a "tragedy". But what did Jeremy Corbyn really say?

Jeremy Corbyn is under fire for describing Bin Laden’s death as a “tragedy” in the Sun, but what did the Labour leadership frontrunner really say?

In remarks made to Press TV, the state-backed Iranian broadcaster, the Islington North MP said:

“This was an assassination attempt, and is yet another tragedy, upon a tragedy, upon a tragedy. The World Trade Center was a tragedy, the attack on Afghanistan was a tragedy, the war in Iraq was a tragedy. Tens of thousands of people have died.”

He also added that it was his preference that Osama Bin Laden be put on trial, a view shared by, among other people, Barack Obama and Boris Johnson.

Although Andy Burnham, one of Corbyn’s rivals for the leadership, will later today claim that “there is everything to play for” in the contest, with “tens of thousands still to vote”, the row is unlikely to harm Corbyn’s chances of becoming Labour leader. 

Stephen Bush is editor of the Staggers, the New Statesman’s political blog.