What should markets be thinking about Andy Burnham’s conference speech yesterday? Gilts look to be giving him the benefit of doubt. Good in parts? He spoke well, proposed some positive policies and ideas, and gave an impression of a confident, positive politician set to deliver. The real issue isn’t just can Labour hold the nation steady and reverse years of negativity and low growth, but can any of the other parties do any better given the constrained state of the national finances?

Andy Burnham, the UK Premier in waiting, has laid out his vision and plan for the UK. It didn’t scare the horses and contains some interesting ideas. What it didn’t answer about some of the big issues and “courageous” spending decisions is worrying. But the idea of moving the centre of UK political gravity out of London is inspired. Who knows… it might even work!

Investing in defence was a sadly neglected skillset for many years following the end of the Cold War. Defence primes became utility like seeking to preserve margins as real budgets declined on the peace-dividend. The War in Ukraine has highlighted many things, but critically that what the Primes are selling isn’t what’s going to win the next War. To invest in defence – you need insights into the future of the battlespace.

The frenetic pace of activity in Washington this week has left the commentariat stunned while dulling the market’s sensitivity to momentous events. Some of it is madness, while much of what Trump is doing makes curiously perverse sense – but what are the risks it all spectacularly unravels?

The UK is even more broke that we thought. Chancellor Rachel Reeves is determined to address the crisis. However, austerity is pointless unless it’s accompanied by genuine fiscal reform and policies designed to foster growth, jobs, and wealth creation. That’s a bigger challenge than just cutting spending.

The UK faces multiple economic problems – all of which may be individually solved with considerable effort, but collectively look a clusterf*ck of monumental proportions. When it takes office, Labour will be given 100 days to solve them all. Who would want to be an MP?