Labour peers (including Paddy Ashdown) are demonstrating just how disconnected from reality they are in opposing Welfare caps as the government's proposals pass through the Lords. Even if IDS' welfare reforms have missed the opportunity for real and fundamental reform, they are at least dealing with an aspect of welfare that aggravates the majority of voters - benefits claimants living in grand homes at the taxpayers' expense. As the Indie points out, this is just as much an irritation to the 'squeezed middle' as the equally scandalous fat-cat rewards at the other end of the scale.
The British people have, as a whole, a pretty good idea of fairness. It's fine for Richard Branson and Alan Sugar to be wealthy, but not fine for some unknown thieving muppet to equal their wealth by skimming all the profits from your pension fund. It's understandable that a 20-something soccer player or pop tart behaves stupidly with unaccustomed cash wealth, but inconceivable that a 20-something derivatives trader is entitled to do so. Labour peers should realise they're backing the wrong horse; Cameron's vulnerability is his closeness to the obscene earnings at the top end, not the benefits piss-takers at the bottom.