Ed Miliband's 2012: one year, one nation. . . one-trick pony? The second problem relates to Labour's stance on welfare - though to use the word "stance" is to overstate the intellectual rigor of the policy. "Suicidal" is one shadow minister's description of Miliband's decision to hurl himself into George Osborne's political trap, and oppose a 1 per cent ceiling on benefits increases. This positioning is doubly reckless, given Labour's policy of holding public sector pay at 1 per cent. To neatly round off this inconsistency, the party's official line is that while its policy represents a "freeze," the Tory one is a "cut." Despite Miliband's bravura pledge to die in the ditch for Britain's most disadvantaged citizens, his strategists are well aware of their vulnerability on the issue. Liam Byrne, the shadow work and pensions secretary, has convened a meeting this month to find ways to extricate Labour from the hole it has so gleefully buried itself in, and Ed Balls is expected today to toughen up welfare policy with a promise to make people work for their benefits. However, as one shadow cabinet insider says, words are cheap. The only real solution is to move towards a system of genuine contributory benefit - and that leaves you with a lot of losers. We need to be looking at a system that gives out to people what they put in, but Ed is wary of that. He thinks you should be prioritising money for those most in need. The third - and by far the most dangerous - problem facing Miliband surrounds Labour's policy on the economy. It's hard to find anyone in the party who believes it has a settled and credible economic offer. Miliband confidantes admit they don't have a strategy if the economy begins to recover, and that they will have to shift position. The Holy Grail for some members of the shadow cabinet is a repeat of the 1997 manifesto commitment to stick to Tory spending limits, an option that I'm told remains on the table. Labour advisers are also frustrated that when they exercise caution over making uncosted spending commitments, they are criticised for providing insufficient fiscal detail. Shadow ministers have recently been called in for a series of one-to-ones with their leader, and many have found it a chastening experience. "There's a sense there's nothing there," says one. "The 'One Nation" schtick doesn't have anything behind it at the moment. It's just a label that can be stuck on to anything. In defence, Miliband insiders point to the work being done by Jon Cruddas and his policy review team. There's a structure, they say. There are three subgroups, and they all have their own work programmes. They've got a timetable and a clear script to work with. This will be backed up by a series of events and seminars. While there are problems, things are moving forward. Miliband is also working on his internal communications. Marc Stears, an old university friend and adviser, has been meeting activists around the country, delivering a message about "the New Equality," while Ken Livingstone's former chief of staff, Simon Fletcher, has been drafted in to manage relations with the unions. But there remains a sense that, however successful he may have been in 2012, Labour's leader is still not grasping his moment. When I asked one party official if it was true that this month had been branded "One Nation January," he paused, before replying caustically: "Wrong line. It's not a One Nation January. It's going to be a One Nation year. If you say so, Ed.