Labour Leader Ed Miliband
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Miliband: 'We have to win back economic credibility'

In an interview on the Andrew Marr Show Ed Miliband has admitted that Labour should not have claimed to have eliminated "boom and bust".

In an interview on the Andrew Marr Show Ed Miliband has admitted that Labour should not have claimed to have eliminated "boom and bust".

But he insisted levels of borrowing under the previous government were "manageable", until the financial crisis. He said Labour would also have made cuts, but the Coalition's plans to bring down the deficit more quickly would damage growth and the economy in the long term.

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