As predicted by Guido two weeks ago, the FT backs the Tories over Miliband:

“Mr Miliband is preoccupied with inequality. His prescription is an increase in taxes such as restoring the 50p level for high earners and imposing an ill-conceived mansion tax.

Mr Miliband has too often found himself on the wrong side of the argument. He promised to freeze energy prices shortly before world prices collapsed. An already heavily regulated banking sector and private landlords are now in his sights. He has stepped too far away from the New Labour position that markets can be harnessed to progressive outcomes. At times, he appears to be fighting his campaign in the style of France’s François Hollande in 2012. True, Mr Hollande secured victory but at the price of a weak economy and an exodus of talent, often to London.

At this delicate moment, the best outcome would be a continuation of the 2010 coalition between the Conservatives and Lib Dems… The country would benefit from the countervailing force of Lib Dem moderation at Westminster. In seats where the Lib Dems are the incumbent or the main challenger, we would vote tactically for them.

Ultimately, however, there is only one leader and one party that can head the government. There are risks in re-electing Mr Cameron’s party, especially on Europe. But there are greater risks in not doing so. Its instincts on the economy, business and reform of public services are broadly right. Mr Miliband has not offered a credible economic prospectus and would apply a brake on enterprise. In the circumstances, the FT would like to see a Conservative-led administration.”

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