Good morning from Liverpool. Rachel Reeves delivered her speech yesterday, grinning like someone who had been shown internal polling showing that the government had overdone its “it’s midnight in the United Kingdom” positioning. More importantly, she has opened the possibility of tweaking her fiscal rules so they do not constrain capital spending.

According to Ipsos, just 22 percent of people are “pleased” with Labour’s performance, and fewer than half of Labour voters—a fifth of whom regret voting for the party. Only a third of people think it is doing a better job than the Conservative government it replaced.