Labour’s economic success lies in reshaping the doom-laden Treasury mindset | Richard Partington

Neither an Osborne-style handbrake or a Truss-style brick on the accelerator will do. Success depends on changing fiscal culture

• Winter fuel cut savings will be less than Reeves expected, analysis finds

The Treasury was ready when Labour arrived in office. In the week after the election landslide, ministers and a cadre of advisers appointed to serve at 1 Horse Guards Road were gathered together by civil servants and shown a 25-minute PowerPoint presentation laying bare the mess in the public finances.

Those in attendance were left in no doubt: this was an exercise to scare the new recruits. A shock session to get Labour up to speed with its responsibilities, and to make sure Rachel Reeves prioritised fiscal prudence in her first budget.

The gilt market is not some monster that will bite your hand off.