The Chancellor has just finished her speech at the Labour party conference. It has been a pretty torrid 12 months since Rachel Reeves’ last appearance in Liverpool. Since then, the Budget and borrowing costs have left her precariously exposed, in both Westminster and the City. But Reeves – a Labour tribalist to her core – seemed to draw heart from the conference floor. In a solid, if unspectacular performance, her peroration contained some red meat for the party to cheer: the abolition of long-term youth unemployment, new libraries and plans for an EU youth mobility scheme. Yet it was the first half of Reeves’ speech which highlighted the ghosts of Christmas past, present and future that she must slay to win re-election in 2029.

The first was Liz Truss and the Tories. Reeves has been scat

See Full Page