If you've targeted a particular growth rate of cash GDP and the economy has not reached that rate, over a sustained period, the point of cash GDP targets is that the central bank is not supposed to just forget about those failures and look to the future - as the Bank of England has done with the inflation target.

BBC: The Bank of England, the chancellor, and the target

To see where Mr Blair believes the blame for Britain's failures really lies, it is necessary to forget the orator on the telly and read the text of the speech.

ECONOMIST: They will follow him anywhere