Unfortunately, nobody seems to be questioning exactly what Labour is celebrating. It is certainly true that the economy has experienced several years of stability. To paraphrase Gordon Brown's monotonous intonation, 'there has been no return to boom and bust'. But a stable economy is not the same as a dynamic one. Rather, you could see today's stable economy as suffering from chronic lethargy.
Growth is sluggish and productivity is rising slowly.
Britain may not have suffered from a 'bust' - but it has not enjoyed a 'boom' either. Yet New Labour welcomes this situation, as it does not involve instability. A closer look at some of New Labour's economic bragging illustrates this point. But it is simple-minded to jump from this fact to the conclusion that the economy is healthy. While high inflation is often a symptom of underlying problems, it does not follow that low inflation is a sign of economic health.