Labour MPs are grumbling about the latest U-turn from the Shadow Cabinet, now that Rachel Reeves has realised the party’s plan to splurge £28 billion a year on green projects might have caused a market meltdown. One Labour MP tells Cat Neilan it’s caused “much unhappiness” amongst the rank-and-file, claiming it “adds to the confusion and blur of ‘what is Labour’s plan [and] what is Labour for‘”. Another puts it more bluntly: “F*cksake, it’s our only policy at the minute and now it’s not”…

Regardless, Guido hears the Shadow Cabinet are in agreement that it was the right call politically, and is worth the short-term pain. A Labour source tells Guido the feeling is it’s better to get it out of the way now, rather than during the election campaign or heading into party conference. The bet is voters ultimately won’t punish them for u-turning early, especially because the policy was never going to rebuild the red wall anyway. Quite why it took them two years to realise it was a bad idea to splash unaffordable billions on their green agenda is another question…