Rachel Reeves offers serious relief from Tories’ unhinged Trussonomics

On days like these, someone as serious as Rachel Reeves comes into her own. There is no way to have too much excitement. Kamikwasi Kwarteng and Librium Liz might enjoy the freedom of Britannia Unhinged free market fantasies, but we all could use a little more rest.

Some of us have mortgages to pay, homes to heat and mouths to feed. Unlike Tory hedge fund donors, we haven’t all made a fortune by shorting the pound the moment the new crew moved into Downing Street.

It takes a special kind genius to drive the pound down to new lows in early trading on the first day after the mini budget. The pound only recovered a few cents because the markets had already priced the Bank of England raising its interest rates higher.

In plain English, this was an independent central bank pissing all over a chancellor’s dangerous threadbare economics.

Imagine. We are now relying on the Bank to undo the worst of the government’s self-inflicted disasters. Even then, we’re not in the clear. Gilt yield rates – the cost of government borrowing – is at its highest since the financial crisis of 2008, and many market analysts predict the pound is heading for parity with the dollar. This will be a lesson for the Americans. Teach them that they can’t get away with undercutting us indefinitely. Trussonomics, you are a great example of how to do things.

Strangely, Truss & Kamikwasi seem incredibly relaxed about the situation. That there’s nothing really to see here. If there is a problem, it’s that they haven’t made nearly enough unfunded tax cuts for the trickle-down benefits to kick in. That what the country is crying out for isn’t more doctors, nurses and hospitals, it’s more bankers and financial institutions that are required. How else can everyone get their uncapped bonuses?

The shadow chancellor is a relief. Someone who understands the severity of the crisis. Someone who sounds as if she hasn’t done a couple of lines of coke off the cabinet table and dashed off to the casino to bet someone else’s money on.

We want someone who is a little dull right now. Bookish, even. Someone who is actually able to understand macro-economics. Not someone who acts as if all their knowledge comes from a bluffer’s guide. We’ll take competence over charisma any day.

What a difference one year can make. Back then it was hard to imagine Labour overturning the Tories’ 80-seat majority at the next election. At the Labour party conference, there was a feeling of futility. Shadow ministers could make all kinds of promises that they couldn't keep. It was just performative politics.

There is a real sense of change now. Not only in Liverpool, but across the country. It has brought a surge in energy. Labour is ready to take over the pieces. The Tories are currently in self-combustion. This is evident in the conference room. There is a new unity at the party. People are unable to agree with each other. The far left has retreated to the fringes.

There were a few whoops as Reeves took the stage before a packed hall – it was standing room only – and she tentatively acknowledged the applause. She seemed nervous and looked nervous. Public speaking is not something she does naturally. It doesn't matter. Nobody was ever entertained. Reeves has finally realised she can’t land even the best of gags so she has now abandoned trying. This was to be a half-hour without jokes. Rather, people had come for her intelligence. Her insight. To be reassured that there was a grownup available to replace the loved-up lunatics.

Reeves didn’t disappoint. Reeves' approach to the ongoing crisis was quite calm. It was complete shit. But it was possible to reverse the situation. She continued to work slowly through the text. Crisis in the cost of living. Ukraine. Green energy. Each section ending with the refrain: “It is time for a government that is on your side, And that government is a Labour government.”

One occasion, she even showed some animation. So much so that everyone – even Jonathan Reynolds, looking a dead ringer for a minor royal – thought she had finished and stood up to give her a standing ovation.

Everyone finally sat down. Everyone tried not to be embarrassed. Reeves continued with her announcement about using the 45p tax rate to finance thousands of nurses and doctors each year. She sounded like she was keeping her promises to the NHS, unlike Boris Johnson.

Then she launched into her final “Labour government” refrain and everyone could breathe a sigh of relief and stand up and applaud her, knowing it was really the end this time. Job done. She had passed the interview, which was quite long. Imagine her running the economy starting at No 11.

Elsewhere, it was hard to find anyone who wasn’t living their best life at the conference. There was an unexpected surge of happiness. Keir Starmer even stopped by the press area to snap the breeze and have some fun.

Ed Miliband is still a revelation. He looked miserable and hunted for most of his time as leader. Now he’s well out the other side and gave the leader’s speech he could never give when leader. He also remembered Dorothy Deficit at Hampstead Heath. Brilliant timing, brilliant delivery, and upbeat content. He was loved by the audience. He has been forgiven by the Labour party for his mistakes. And he’s forgiven the Labour party for its.

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