Tuesday marks the 100th anniversary of the election that brought down the first ever Labour government, albeit it having been a minority in the House of Commons. During that century, the Conservatives had been in power for two-thirds of the time, and the Labour government elected on 4 July this year is only the fourth to have a substantial majority; the others being 1945, 1966 and the Blair/Brown government from 1997.
As we contemplate the difficult tightrope balancing act that the chancellor, Rachel Reeves, has to navigate on Wednesday, it is worth reflecting that balancing the orthodoxy of economic stability with the imperative of progressive political change has always proved to be a major challenge.
