I think it was interesting and rather telling that Labour leader, Ed Miliband recently pledged that there will be no return to the ‘tax and spend’ policies of past Labour Governments if Labour win the next election.

Is this a lesson learned I hear you say? Or is it a load of spin?

Mr Milliband went on to say that the party would be more radical than in the past and that there was a need to “fundamentally reshape our economy”.

There was also a promise of tax benefits for employers as part of his plans to ease the cost of living. “We will make an offer to every employer in the country – you will get a tax cut on condition that you move to pay the living wage” he stated.

Of course this could all be academic, depending on what happens in the next General Election but it certainly appears to be a u-turn of views where we have had Ed Balls suggesting the way forward is to spend, spend, spend!