Labour needs an urgent history lesson. Its plans couldn’t fund a war and won’t boost growth | Larry Elliott

We are seeing a pale version of military Keynesianism, and for what? That money would be better spent fighting the climate crisis

Things could be worse for Rachel Reeves, but not much. The economy is stagnant. Donald Trump has decided the UK will not be exempt from tariffs on steel and aluminium exports to the US. Stock markets have taken fright and share prices are tumbling.

Five years on from the start of the Covid-19 lockdown, the scars of the pandemic have proved to be deep and long-lasting. The spring statement on the economy that Reeves will deliver later this month will announce cuts to welfare in order to prevent the government breaking its own borrowing rules.

Larry Elliott is a Guardian columnist