Labour has, on the whole, decided that the deficit isn't its fault. It has, you would imagine, been invented by the Tories purely in order to allow them the cuts which they are imposing with an odious relish.It's curious. Every single time Labour get in, they wreck the economy. But people like them, because they give out sweeties. Every time the Tories get back in, they have to take unpleasant but necessary steps to put things right. And people hate them because they take the sweeties away.
On pure unadulterated, unspun statistics, Labour are always bad for the economy, and the Tories are always better. In a world governed by rationality, we would have a right-of-centre government all the time, because that's what gives most people the best results. And yet we keep voting for Labour and Tory alternately, because we vote by our perception rather than the facts. When we've had enough of the harsh medicine, we will vote for a 'little treat' again, because we're worth it.
H/t to Guido, who reads the Grauniad so I don't have to.
PS: My Dad knew Richard Hoggart, Simon's Dad (author of The Uses of Literacy), and thought he was a great bloke.