Policy U-turns could define her stint at No 11 despite many sure-footed advances on devolved spending to help kickstart growth

An air of unreality settled on a Westminster conference room last week, as Rachel Reeves, upbeat in a powder pink power suit, gave a speech about boosting jobs and growth along the “OxCam corridor”.

“If we get this right, working together, this corridor will not just compete globally, it will lead globally. We can do that together!” she told the audience of investors, policymakers and entrepreneurs.