Bond market volatility means John Healey will have to take tough decisions, soon, if he wants to meet spending pledges

In John Healey’s bright Treasury office, overlooking St James’s Park, the artwork has not changed since his predecessor, Rachel Reeves, selected a row of Bridget Riley prints in her feminist rehang. Judging by the signals emerging from No 11 about the chancellor’s 28 October budget, not much else has changed either.

Voters listening to Andy Burnham’s promises to overthrow 40 years of neoliberalism and vanquish the ghost of Margaret Thatcher would be excused for expecting a radical policy reset. Early signs suggest they may be disappointed.