Play it safe, play it so very safe. Rachel Reeves’ backtracking clarification that Labour will not reverse the abolition of the EU-imposed cap on bankers’ bonuses has led to lampooning from all sides. There were only three months between Reeves claiming the scrappage “tells you all you need to know about this Government” and her new claim that Labour will “unashamedly champion” bankers and keep the cap off. Who’s dancing to Truss’ tune now?

Barry Gardiner came out against Reeves in the morning. Then SNP Westminster leader Stephen Flynn lampooned Labour for the U-turn at PMQs, after which Wes Streeting was cornered into arguing that Reeves’ criticism was about prioritisation on Politics Live and insisting that Labour is being “ruthlessly disciplined”. A U-turn timed to give businesses a warm, fuzzy feeling at Labour’s corporate-conference tomorrow…

UPDATE: Jacob Rees-Mogg tells Guido “Rachel Reeves likes cribbing her texts so I am delighted that she now takes them from the Tories“.