by John Woodcock

The European summit may end up being bad for Britain, but it has had at least one notable up-side for David Cameron aside from getting him back on Bill Cash’s Christmas list.

The drama of the summit has filled a space in the domestic media that would otherwise still be occupied by scale of the problems Britain faces after the failure of the Tories’ reckless economic gamble.

So let the pages of Labour Uncut, at least, return to the fray over the consequences for Britain of the Tories choking off the recovery too early, despite Ed Balls’ warnings. They are terrible and ought to dent the Tories’ reputation for economic credibility for many years to come.

There has been lasting focus on these pages on the excellent pamphlet that marked the birth of In the black Labour. But, in the brief window of interest before attention was diverted by the euro, most observers failed to probe and discount the crude Tory line that sentiments of the pamphlet were outside, and in opposition to, the party mainstream.

In fact, as, to their credit, its authors have tried to point out, the pamphlet is simply picking up what both Eds set out in their speeches to Labour’s annual conference on the fundamental importance of re-staking our claim as the party of economic responsibility.

What they said then stands us in good stead to recapture the public debate now on how to deal with the fall out of the failure of the Cameron-Osborne plan.

First, rebalancing the economy. Our opponents continue to mischaracterise and under-estimate the importance of what Ed M said in Liverpool. Far from being a flight of fancy, his words were driven by Labour’s basic recognition of the need for an era of increased responsibility to build sounder economic foundations after the global recession. At a time when we continue to reel from the crash, and when so many families worry that that their ability to make ends meet is hampered by things beyond their control – from the turmoil of the eurozone countries to the collapse of the banks – there has rarely been a more pressing need to re-examine how governments can encourage greater longer term success and stable prosperity. It is up to us to make that vision add up to a convincing programme that we can present to voters.

And critically, our opponents have under-estimated what both have said on the need for fiscal discipline to get the country back on track. Ed M said back in September that he would deal with the country’s deficit if the Tories fail to do so in this parliament. Given the mess that the Tories are making of returning the country to growth, that pledge to the British people could prove to be the most important we make. Similarly critical to delivering it will be Ed B’s commitment to new fiscal rules – independently monitored by the office of budget responsibility – to get the country back to balance and national debt on a downward path.

We should give way to no-one on the key battleground of economic responsibility. The framework that Ed and Ed have set gives us chance to win. We need to get out and make that case.

John Woodcock is Labour MP for Barrow and Furness and a shadow transport minister.