Bond markets rallied as it appeared Ms Reeves would now be safe when a Cabinet reshuffle takes place, despite a series of blunders including cuts to winter fuel allowances, which Labour has partially reversed, and an attempt to reduce the number of people claiming Personal Independence Payments, now postponed indefinitely pending a review.

CHANCELLOR Rachel Reeves has broken her silence on her tears in the House of Commons yesterday. Reeves’s visibly tearful appearance in the Commons came amid speculation that her job was at risk after the welfare U-turn put an almost £5 billion hole in her spending plans.