New Delhi, June 26 -- On Monday morning, another bout of history happened. At a podium on Downing Street, a tearful Sir Keir Starmer became the latest prime minister to quit mid-term. On the West Coast Mainline, a train carrying Andy Burnham, Sir Keir Starmer's inevitable replacement, hurtled from Manchester to London, like Lenin on an Avanti Pendolino. But inside Labour, the changes at 10 Downing Street provoked less chatter than who would occupy 11 Downing Street as chancellor. There are two candidates: Ed Miliband and Not Ed Miliband.

British politics has undergone a Copernican revolution: it now revolves around Mr Miliband. Research spelling out how grumpy fund managers would be about Mr Miliband was pushed out by people who want Wes...