Rachel Reeves was never going to miss the open goal left by the Tories | Larry Elliott

Shadow chancellor's conference speech amid sterling crisis highlights Labour's claim to be party of economic competence

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Rachel Reeves can rarely have had an easier gig. The shadow chancellor stood up to speak at Labour's conference with the pound under pressure and rumours swirling that the Bank of England was about to announce an emergency increase in interest rates.

Labour has a recurring struggle to portray itself as the party of economic competence. Famously, Denis Healey dashed to Blackpool in 1976 to make an impassioned - but not entirely successful - appeal for conference's support for tough measures during a sterling crisis.