Things have now become so bad for the UK economy that almost no one disagrees it is time for radical change. On the rare occasion that public debate turns to issues of political economy, you almost never hear the question, “But how are we going to pay for it?”

Much as doctors in most private hospitals would triage a gunshot victim before turning to questions of payment, immediate action is required to reverse the UK’s horrendous economic fortunes. “Paying for it” has become a secondary consideration.

But this message has yet to reach Keir Starmer and Rachel Reeves, who seem intent upon resurrecting an austerity politics pronounced dead by none other than Boris Johnson. The pair are absolutely adamant that no new spending commitments can be announced by the opposition unless they are fully costed.