It is something of a coup for Labour to position itself as the party to boost business

In a matter of weeks, the Labour Party will, most likely, be in government after 14 years in opposition. As Rishi Sunak so often points out, they have therefore had a long time to think about policy and ideas. Mr Sunak always adds, predictably enough, that the opposition has come up with nothing – or at least “nothing new” – in the election so far. This is harsh and, fortunately, Rachel Reeves, the shadow chancellor, seems ready to prove him wrong.

In her latest high-profile speech – Sir Keir Starmer is granting her vice-presidential billing in this “presidential” election – Ms Reeves capitalised on the open letter signed by 121 business leaders endorsing Labour’s plans and Labour’s polling lead on economic competence. She wants Labour to be the party of business. The days when a Labour shadow chancellor would cheerfully throw out a random pledge to give everyone free broadband have, evidently, gone. She is, to borrow a phrase coined by a previous leader, a serious chancellor for serious times.

Making the Labour Party a determinedly pro-business party is certainly novel. Not since the 1990s and the “prawn cocktail offensive” in the City has the party made such an effort to reassure the business community. Labour hasn’t had much luck stealing the Tories’ clothes since, but, to extend the metaphor, the baleful impact of Brexit and Boris Johnson’s infamous “f*** business” remark pushed the Tories’ clothes a lot closer to Labour’s grasp.