Labour must be honest with voters about the coming crisis
So far, Labour has staged a contested leadership election in government only once – 50 years ago, in 1976. The New Economics Foundation once declared 1976 to be post-war Britain’s happiest year, judging by income equality and public spending. Cosseted by memories of a hot summer of space hoppers and Swap Shop, the left-wing thinktank brushed over strikes, stagflation and Britain going – to use the obligatory phrase – cap in hand to the International Monetary Fund (IMF). Compared with Labour’s current phoney war, that election was enviably swift. Harold Wilson resigned on 16 March; three rounds of voting by Labour MPs later, and James Callaghan entered Downing Street on 5 April.