Miliband sticks to the script on the economy

When is a big speech a "relaunch" and when it is just a big speech?

The Conservatives say Ed Miliband's address this morning is a relaunch (in fact they are claiming somewhat disingenuously that it's the Labour leader's "tenth" one - it isn't).

But this speech has been inserted into the diary after a turbulent week for the Labour leader during which he has suffered from anonymous sniping by colleagues and a slump in the polls (one of which suggested Labour's vote share was the same as it achieved at the last General Election under Gordon Brown).

Just months before the 2015 election, Mr Miliband admitted to the BBC last night - in what felt like a relaunch interview - that the episode had tested his "mettle".

It's actually less than six months now - and there's still no clear winner.So what will he do today to turn around his party's fortunes?

From the pre-briefing of his speech (I heard they were working on the text late into the night) - it appears not very much.

He is returning to the theme of building an economy "for the many, not a privileged few".

You will be excused for thinking you have heard that before.

But he is hoping that voters will reward him for acknowledging that all is not well with family budgets - despite the headline figures which show the economy has picked up and wage growth is finally rising faster than inflation.

That last point, confirmed yesterday, will inevitably dent Labour's "cost of living" campaign, but it is unlikely to do so for sometime.

Mr Miliband is betting voters won't feel better off until much later into 2015.

And it's why he is sticking to the script on the economy.

In other words the message he'll keep repeating between now and next May is: We understand what it's like, because the Tories don't.

Labour launched what felt like a relaunch hashtag on Twitter last night: #6monthstowin

It's actually less than six months now - and there's still no clear winner.