He's not wrong. The problem is that he's ended his rant too soon. He's forgotten to add that they lost. He's forgotten to add that it signalled the end of the labour movement he mentions in line 1. He's forgotten to add that given the shift to the right manufactured by Blair to make 'New Labour' electable again there now isn't anybody who properly represents the working man and woman.
He's forgotten to add that this is why Cameron now faces so little opposition to his current policies. And sadly he's forgotten to add that in the modern world his brand of left wing politics are an irrelevance.