Speaking to Jon Snow, Lord Mandelson said that a lot of fear surrounding the Labour party and business has been “misplaced.”
He added: “They’re not facing a Labour party that doesn’t care about the deficit and isn’t going to exercise any fiscal responsibility. And they’re not facing a Labour party that’s going to tax them out of existence.”
He said: “I started feeling at the end of last week that something had shifted. That the plates had moved and Labour has captured a Zeitgeist in this campaign and the most striking feature of it is what’s happened to the two leaders.
“Miliband has moved forwards. He gained credibility. He’s exceeded most people’s expectations. I suppose in a sense mine as well.