The condition of the world capitalist economy, aggravated by Trump’s vile Iran war and his tariffs buffoonery, makes John Healey’s job on 28 October difficult.

But to respond by cuts or by abandoning social ambitions would be to repeat what Rachel Reeves did in 2024 when — also facing real difficulties created by the Tories’ legacy — she cut the Winter Fuel Allowance and refused to scrap the two-child benefit cap.

Germany and Australia, and France since Francois Hollande, show us that social-democratic parties which adopt conservative policies, whether in open coalition with conservatives as in Germany or independently, these days dig holes for the far right — AfD, One Nation, Le Pen’s RN, or Reform UK — to push us into.

Labour conference 2025 voted for increased taxes on wealth. Tax Justice UK has figured out a package of taxes on the billionaires and millionaires which would bring another £50 billion a year in revenue.

Anything less than that now is a recipe for social and political decline.