Back in June, a fortnight before the government’s landslide election victory, I warned in my weekly "Economics Agenda" column in the @Telegraph that "ghosts of the 1970s haunt Labour’s economic resurrection”.

Would-be Chancellor @RachelReevesMP claimed ahead of the election that her party could significantly increase government spending “without raising taxes on working people”.

Labour’s “pro-growth” policies would deliver the economic expansion needed to allow the government to take on more debt to fund lots of extra spending, we were told.

The Tories had, of course, already pushed the UK’s tax burden to 100pc of GDP – a 60-year high.

But the argument seemed to be that Reeves could jack up government borrowing even more because she “used to work at the Bank of England” and her name wasn’t Liz Truss @trussliz 

Here's my column from six  months ago

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