The Labour leader argued convincingly that the cost-of-living crisis is the direct result of the deep structural faults in the economy.
In another no-notes speech, the Labour leader will promise to introduce a cap on banks' market share and to create two new challenger banks.
The introduction of a one-member-one-vote system would dramatically reduce the disproportionate power wielded by MPs.
By promising fundamental changes to the economy, the Labour leader can carve out a new coalition which quietly puts to bed the old battle lines of the 1980s.
The "truce" between the two leaders lasted just a week as Cameron declared that Miliband had "all the moral authority of the Reverend Flowers".
The Labour leader reaches beyond his party's core vote and acknowledges that the living standards crisis began before the coalition.
Miliband and Clegg are ready to sign up to three debates over three weeks. They say Cameron is running scared.
Part of the problem is that even Labour MPs find their boss remote.
The PM's warning that means-testing pensioner benefits would raise only "a very small amount of money" was the most notable moment in a sombre session.
Many in the party would like Miliband to pledge to raise the minimum wage to the level of the living wage, but a large rise in the former is more likely.