The king’s speech sounded a bit like Labour governments of old. But only a bit

There is to be action but not a tax-and-spend splurge - just patient changes that will take time to pay off

The message from the king's speech was clear. After 14 years in opposition, Labour is back with a plan to get the economy moving. The brakes on growth are coming off, says the prime minister.

In a way, the measures outlined to achieve the government's mission" hark back to Labour governments of the past. There is to be more nationalisation, more centralised control of planning, more power for workers, an industrial strategy council and a national wealth fund to boost investment in infrastructure projects. Economic policy under Keir Starmer will become more interventionist and have a discernible social-democratic tinge to it.