“Mr Miliband believes that living standards are squeezed because markets are rigged—and that the government can step in to fix them. He would freeze prices while “reviewing” energy markets, clamp down on the most flexible “zero-hour” labour contracts and limit rent rises. Along with this suspicion of private markets is an aversion to competition in the public sector, leading to proposals for, say, a cap on profit margins when private companies contract to provide services for the NHS.

Mr Miliband is fond of comparing his progressivism to that of Teddy Roosevelt, America’s trustbusting president. But the comparison is false. Rather than using the state to boost competition, Mr Miliband wants a heavier state hand in markets—which betrays an ill-founded faith in the ingenuity and wisdom of government. Even a brief, limited intervention can cast a lasting pall over investment and enterprise—witness the 75% income-tax rate of France’s president, François Hollande. The danger is all the greater because a Labour government looks fated to depend on the SNP, which leans strongly to the left.

On May 7th voters must weigh the certainty of economic damage under Labour against the possibility of a costly EU exit under the Tories. With Labour, the likely partnership with the SNP increases the risk. For the Tories, a coalition with the Lib Dems would reduce it. On that calculus, the best hope for Britain is with a continuation of a Conservative-led coalition. That’s why our vote is for Mr Cameron.”

Paving the way for the FT?