In what many branded as a re-launch of his leadership, Ed Miliband today delivered an economic keynote speech promising to forge a new Labour Party, delivering fairness in what he recognised were tough economic times ahead.

In a conclusion Labour hope many will come to, Miliband argued it was now clear that the Government had failed to achieve its central promise of tackling the deficit by 2015, leaving the next administration with tough decisions to make. Labour had, he maintained, always been committed to reducing the deficit in a steady and balanced way, an approach that has been vindicated by “this Government’s failure” in eighteen “short” months.

In a further move away from New Labour, he suggested the Blair/Brown approach of investing revenue from economic growth in public services would suffice. The general election in 2015, he argued, will be different – each time New Labour won, business was prospering, yet the climate at the next election would be very different.

Many in the Labour Party will not have welcomed Miliband repeating his mea culpa on the failures of the Party’s time in office, highlighting that the inequality gap grew, regulation on the banks was not strong enough and too many people were stuck in low-wage, low-skilled jobs.

He underlined the need for a new economy, where Britain focuses on long-term wealth creation and tackling vested interests in order to create a more responsible capitalism. Responding to criticism that his words lacked policy detail he outlined the following pledges:

• Establish a British Investment Bank so that small businesses can invest and grow
• Ensure no major government contract is awarded unless apprenticeships are provided for next generation
• End a system of reward for failure at the top by ensuring an employee sits on every remuneration committee
• Reform the welfare system to reward those that contribute to the community
• Maintain current corporation tax level (the current Government would cut it) in order to reduce the university fees cap to £6,000
• Ensure all pensioners over age of 75 have the cheapest energy tariffs, and legislate for this if necessary

After an undoubtedly tumultuous start to 2012 for the Labour leader, Miliband put up a substantial defence stating his “squeezed middle” and “responsible business” rhetoric had set the political agenda.

In a warning shot to the Coalition partners, he said that those that had called him anti-business not long ago are now claiming they are the ones to clear up "crony capitalism" specifically pointing out that six months ago David Cameron was "gagging" to scrap the 50p tax rate however is said to fear doing so.

Concluding, Miliband announced that this is where the battleground of politics now lies, adding: "Bring it on".

The Shadow Chancellor Ed Balls followed up the speech by taking to the airwaves on Radio 4's World at One suggesting a crucial turning point in the political discourse had arrived. Balls said people had acknowledged the failure of the Government's plan and were now looking to Labour for their answers, providing the leadership with an opportunity to set out a "credible, tough, disciplined" alternative.

The speech received a mixed reaction amongst journalists with some speculating it would not be enough to quieten the murmurings of doubt about his leadership. Although he was strong on rhetoric, some suggest passionate delivery and concrete policy are still missing. Key messages have however caught on, including the growing consensus that "the Government’s economic plan has failed" and that Miliband’s messaging (the squeezed middle, responsible capitalism, securing the next generation’s future) has chimed well with the public since his election. If either continue to gain traction, and if he can begin to gain credit for the latter, Miliband could consider today a relative success.