Voters will still be worse off in 2015 than in 2010 - Labour's "cost-of-living" strategy remains its best hope of victory.
"This is the Budget that confirms people are worse off under the Tories."
The Labour leader is increasingly convinced not just of the moral and economic case for tackling inequality but also of the political case for doing so.
With Miliband as leader, Benn finally felt at home again in the party he served for so long.
To overthrow the neoliberal settlement, the party must emulate the radicalism of the Conservative prime minister.
Compared to the New Labour years, the degree of policy overlap between the two parties is remarkable.
The very fact that the Labour leader feels secure enough to affront Eurosceptics suggests he believes No.10 is within reach.
Guaranteeing an in/out vote would have shifted the debate back onto Tory territory and could have wrecked a future Miliband premiership.
Miliband's northern fortresses are safe but Farage's party could prevent Labour winning southern and eastern marginals off the Tories in 2015.
The union is prepared to reduce the shortfall but will expect policy concessions in return.