Labour is on course for victory – but what kind of economy will it inherit? | Larry Elliott

Inflation is coming down, but Keir Starmer will need to improve public services when there is a lack of ready cash

Opinion was divided in the Labour party after its crushing defeat in the 2019 general election. Optimists thought it would take two terms for the party to have a chance of again forming a government. Pessimists thought it was doomed to permanent opposition.

Yet four years on, the polls suggest Labour is on course for a thumping victory. With the Conservatives gripped by an existential crisis, Rishi Sunak could be the last Tory prime minister for a long time to come.