Rachel Reeves will not be sacked, because she is unsackable. The ever-hysterical bond markets just confirmed that by spinning out of control over her tears, then restoring previous rates as soon as Keir Starmer’s serial interviews confirmed heartfelt support after she was seen to be crying during PMQs. Quite right. Joined at the hip, her tough fiscal policy is his. History shows that prime ministers rarely last after sacking their chancellors.
The question for both, and all of Labour, is: what next? Every management guru and motivational speaker will tell you that mistakes don’t matter – the key to success is what you learn and how adroitly you change. Labour has four long years ahead and, most important of all, a stonking great majority. They are the masters so long as they don’t frighten the bond markets that ejected Liz Truss and forced Donald Trump’s handbrake tariff U-turn.
