In politics, like history, the victors write their own version of events. Rachel Reeves will almost certainly convince voters that Jeremy Hunt spent the nation’s reserves three times over and that her decision to award public sector workers an above-inflation pay rise was the right one. The Conservatives had been such a shower for so long, who wants to believe them now?

However much Hunt bangs his fists and sends letters disputing Reeves’ version of events for this year’s spending, the public will shrug and let her get on with it. Tory squawks of told-you-so disapproval that Reeves will raise taxes in October are likely to fall on barren ground except among the older generation who would have largely voted blue anyway. Better-off pensioners, or their adult children set to inherit from them, are likely to bear the brunt of the autumn hikes.

Away from the pantomime played out in the House of Commons and across the airwaves this week, another decision by Reeves may have more of a long-term effect than has been widely noticed.

During the election campaign Sir Keir Starmer and Reeves pinned their economic strategy on growth to allow higher spending on fixing public services, although they have been careful not to put a timetable on when they will achieve their aim to reach the highest sustained growth in the G7.

To allow time for the economy to start growing, some expected Reeves to conduct a one-year spending review, delaying a multi-year appraisal until late next year to buy herself more time to see where the bodies are buried and........

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