Who is the great villain in modern British history? Who is the single person most to blame for our economic travails? Ed Balls would like to persuade the public, as he almost seems to have persuaded himself, that the answer is “George Osborne”. In a keynote speech yesterday, the shadow chancellor argued (again) that Labour left a golden economic legacy, despite the momentary hiccup of the financial crisis. Then came Mr Osborne and his cuts, which caused weeds to sprout in place of green shoots.