Labour's manifesto is all about rebuilding the party's reputation

Analysis: Many of the party's commitments are feasible and economically relevant but the final two pledges are there for purely political purposes

Labour spent most of the 1990s rebuilding its reputation as a party of economic competence. The damage caused by being in power during Britain's most severe postwar recession means that process has begun all over again.

It is not unusual for voters to trust the Conservatives more than Labour over the running of the economy. What has been striking during this parliament has been the size of the Tory lead. So the budget responsibility lock in line one of Labour's manifesto is an attempt to confront this weakness head on. It is the equivalent of Gordon Brown in 1997 promising to keep the top rate of income tax at 40% and to stick to Ken Clarke's spending plans.

Related: Labour election manifesto: key points