If you want proof that Labour are desperate ...

In today's papers the government's spinners were reduced to the suggestion that however disastrous the last week was for the labour government (and incidentally, for the country) it was not as bad as the week the pound was ejected from the Exchange Rate Mechanism in 1992.

This forlorn line came from both Olympics minister Tessa Jowell and from Tony Lloyd, the chairman of the parliamentary Labour party, who said that it was a bad week but it wasn't Black Wednesday.

If the dwindling band of loyalists who are still willing to put their heads above the parapet and defend the government in public are reduced to arguments like that one, tbey really must be desperate.

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