Professor Mark Blyth recently authored a paper published in the IPPR Progressive Review journal titled "Labour's search for credibility."
In the introduction, Mark Blyth writes: "Labour had a credibility problem. It is one where voters are deeply concerned with the national debt and deficit, but they do not find Labour's promises to fix those things credible. Labour is not imagining the problem. When you ask the public, and not just the UK public, about debts and deficits, they express deep concern. Around 40 per cent of European publics agreed with the need for 'fiscal consolidation' throughout the depths of the eurocrisis. Indeed, if you include voters predisposed to care about these issues who would traditionally vote for right-wing parties, those numbers never dropped below 80 per cent. In such a world, Labour cannot 'credibly commit' to fixing the economy unless it ties itself to external fiscal rules and anchors - rules that will force Labour to say on the austere, but necessary, economic course, to solvency. Only when Labour earns the necessary 'credibility' among such voters via such demonstrates public commitments will it earn the right to spend any money."