Good morning from Liverpool. Rachel Reeves delivered her speech yesterday, grinning like someone who had been shown internal polling showing that the government had overdone its “it’s midnight in the United Kingdom” positioning. More importantly, she has opened the possibility of tweaking her fiscal rules so they do not constrain capital spending.

Labour has ruled out a “return” to the austerity seen in the 2010s, and still felt long after. However, critics inside the party continue to accuse Ms Reeves of just that, arguing that her rhetoric and policies bear an all-too-similar resemblance.

Chancellor Rachel Reeves has claimed that Labour will "not return the UK to austerity" as she made her keynote speech at the party's conference in Liverpool.Addressing the crowd, Reeves said: "There will be no return to austerity.