Labour's plans would unlock the potential of the UK economy

We did not have the chance to prove our credentials and demonstrate that we had the right plan for recovery

Labour is making two arguments about the economy: the shorter term costs of living addressed by its policies for energy prices, housing rents, a higher national minimum wage and the extension of the living wage. And the bigger economic goals - a good job and secure income wherever you live; vocational training or a modern apprenticeship and skills that enable an individual to adapt to changes in the economy. Also good quality infrastructure and higher education.

But the Plan for Britain's Prosperity that Labour is publishing shows that these two elements are part of a bigger whole, the aim of which is not only to ensure a fairer distribution of wealth, but significantly to expand the productive potential of the British economy. When Labour left office in 2010, Britain was on the way to recovery from the banking crisis that had hit us two years before. Of course we borrowed more to keep the economy from free fall and we were right to do so. We needed to accelerate out of the storm and we burned up a lot of costly financial fuel to do so. Equally, we were right to set out clearly how, over the approaching parliament, we would pay down the debt and progressively re-balance the nation's finances just as now government needs to cut where we have to but invest where we need to.

Related: Mandelson backs Miliband's 'middle-out' economic plan