The really, really important thing to remember about the European Union is that it does not matter. Europe moves no votes and it inspires no marches: like the canonicity of the Star Wars prequels, it invites strong opinions from the already-convinced, and bores everyone else. Even people who vote for UKIP don’t really care about Europe: they’re disgruntled and disconcerted by the way things are, and it’s simply the closest thing to writing ‘It’s all gone to pot!’ on the ballot paper yet devised.

Before David Cameron pledged a referendum – in a distant time, on a subject yet to be decided, in which he will take a stance that will become clear later – the Conservatives hadn’t won a parliamentary majority since 1992, his government was deeply unpopular, the economy was stagnant, and the worst of the cuts had yet to come. Today, as the prime minister enjoys his first good week since the budget, that is all still the case.

If the Tories really do fight the next election with a referendum on Europe at its heart, that will be good news for Labour: because it will either mean that the Labour leadership has successfully neutered its current weaknesses on the economy, welfare, immigration and leadership, or that the Conservatives have simply decided not to talk about them.

Since the budget and its fallout broke the back of his government, Cameron has been reverting back from the role of prime minister to that of leader of the opposition. The problem for Labour is that he was pretty good at leading the opposition. The problem for Cameron is that he’s judged as a prime minister now: so he’ll enjoy the brief afterglow of the speech, but as people to continue to feel the pinch, his – and the Conservatives’ – numbers will fall back down to earth. The basic underpinnings of the Conservative crisis – that in most of the country, most of the people really don’t like them very much – hasn’t changed.

But what we’ve been reminded this week is that the underpinnings of Labour’s crisis are still there, too. Cameron still leads as the most popular choice to be prime minister in most polls. Significant numbers of Labour voters don’t want a Labour majority government. It’s become a commonplace to say that the Conservatives ‘didn’t win’ the 2010 election. It’s perhaps been forgotten that Labour definitely lost it.

The balance of probability is still on Labour’s side: the next election is Labour’s to lose. But too much of Labour’s offer is an objection, not a counter-argument: it’s not enough to attack the coalition and hope to ride a tide of anti-incumbency outrage to victory. It’s easy for cynics to say that Labour had ‘no policies’ in 1997; but a quick glance at the 1997 manifesto – and indeed the entire campaign – disproves that.

What Labour had were ‘broken windows’ policies: policies that spoke to a system of values that spoke to one nation.  What Labour has now is a series of values that speak of being ‘one nation’, but aren’t yet backed up with a policy offer. Now is the time for Labour to flesh out what opposition to the universal credit means, to really get to grips with the urgent questions that the Conservatives have neglected.

In recent days, the comparisons between Cameron and Harold Wilson, his predecessor-but-five, have become harder and harder to resist. Cameron, like Wilson, set himself up as new man for affluent times, and came unstuck in crisis. Cameron, like Wilson, preferred a fix to a decisive solution.

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Stephen Bush writes a weekly column for Progress, the Tuesday review, and tweets @stephenkb

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Photo: Adrian S Jones