The Tories' 96, 97 Argument

I've heard this argument that Labour cannot win unless the economy is good and people feeling confident about the future because otherwise they're not going to jump. But in 95, 96 we'd had the whole debacle of crashing out of the exchange rate mechanism and all that flowed from it. The economy didn't seem fabulous at the time but with hindsight you can realise that inheritance Blair had in 97 was amazing. So yeah, I take the new Labour argument as opposed to old Labour. It's very interesting. You don't talk about spending money before.