I can offer a total reassurance that, er, it is absolutely correct

Over at Labour List Mark Ferguson put up an early morning piece designed to correct an impression that might be forming in the minds of the party faithful on reading the morning's newspapers:

Ignore the media spin, this is the welfare speech Ed Miliband will actually give today

The media previews of the speech, beginning early this week, has had many Labour activists dreading what Miliband might say today. This morning’s papers also give a somewhat lop-sided take on what the speech is likely to be focussed on – which may, it must be said, be due to the party’s desire to get the words “tough” and “welfare” in the same headline

So let me set your mind at ease – Ed Miliband is not accepting the Tory narrative on welfare, quite the opposite. This is a speech about getting people to work, making sure that faith is restored in the benefits system, stopping welfare bills spiralling out of control year on year...

Update: Post "the Speech" Declan Gaffney also has a post at Labour List:

Labour’s welfare cap is a largely symbolic gimmick – but it works as a communication device

Policy wonks might be well advised not to probe to deeply into the detail of a policy which is essentially symbolic in intent. Whatever fiscal stance Labour adopted were it to form the next government, the idea that it would not have to make further reductions in spending is implausible.

Better to get that message across now, both to the public and the party faithful. And as a communication device, the cap really can’t be faulted.

 and then later.

This reframing of a toxic welfare debate deserves to be warmly welcomed. Less welcome is the unimaginative spinning of the speech in the very terms Miliband rejects – exemplified by today’s Mirror coverage.

So, a communication device that can't be faulted, except in the way it has been interpreted by Labour's cheerleader in chief red top. The largely symbolic gimmick is not working quite as intended then, eh Declan?