A stuttering economy, spiralling government borrowing costs, plummeting approval ratings: little wonder perhaps senior ministers, not least the chancellor, aren't wasting many smiles these days. Remember too Sir Keir Starmer and Rachel Reeves are the duo that best personify the Labour project of the 2020s; the party's revival and return, grounded in being trusted on the economy. And yet the markets are collectively passing a verdict on Starmer and Reeves's economic plan right now and it isn't exactly a ringing endorsement – and wobbly markets can prompt political wobbles. These shouldn't be overstated, but neither should they be ignored. What we're witnessing is the brutal slog of government playing out; an unforgiving backdrop of economic flatlining, which critics say ministers have made worse.