Ed Balls is trying to reposition himself as slightly less keen on government debt than he was last week, to this end he is about to tell us that in government Labour would use the proceeds of selling the state’s shares in the banks to pay down the debt. Chuka Umunna, the Shadow Business Minister, has been leading a campaign to mutualise the banks supported by over 100 signed-up backbenchers. Balls isn’t having  any of that.

Chuka was Ed Miliband’s PPS before he was appointed to the Treasury Select Committee. Balls is showing how much he respects Chuka’s prowess on economic policy.