It's difficult to see how a party can change minds about it's competence on the economy when they are not actually in government running the economy. The way Labour last was able to change minds on economic competence was the 1992 crash out of the exchange rate mechanism.
The last Labour government were in power when the crash happened, and it would be fair to say they should have seen it coming, and that they deserve some blame. But no one saw it coming. Not the Tories, not the Bank of England, nor the Civil Service. The banks should have been more tightly regulated, but the Tories were calling for less not more regulation. Despite all this and because Labour had no leader from May to September, the Tories were allowed to establish in people's minds that the crisis was entirely the Brown government's fault. (despite there beng a worldwide problem) They were also allowed to get away with policies that instead of making things better, made them worse. This is the story the Tories are selling and getting away with. The only way Labour can dispel the impression of economic incompetence is for them to be allowed run the economy successfully. As they did between 1997 and 2007. A tough ask.
Without going over old ground again, the new labour government didn't run the economy successfully. It was built on over inflated public services and capital spending via PFI. Now the pinch is being felt.
I won't claim to agree with every policy from this government but labours apparent good reputation with the NHS is built on shiny new buildings that future generations will still be paying for
- clwydianrange likes this