Does Labour need its own tea party movement?

LabourList
"Labour says the reason it created this fiscal mess was to save the country from a collapse of the banking system. But let's get real – the reason there's a deficit is because tax income didn't cover the high public spending before the credit crunch/banking crash. Had the Labour government had a spending review mid 2000s, and reduced public spending, the deficit today would have been smaller. We must begin to admit that we were fiscally irresponsible for years, in order to gain the trust of the public again, at least on the economy. .....It's clear we can't leave this job to the shadow chancellor – he's made hardly any effort (nor has Ed Miliband for that matter) to take responsibility for the economic mess we're in, or to develop the policies required to re-gain fiscal credibility. We need a more vocal group of 'fiscal realists' within the Labour Party, pushing forward the view I've outlined above more forcefully. In a way, we need our own kind of Tea Party."