Rumours persist that Ed Miliband, the energy secretary, could be shunted out of his role when the Prime Minister conducts his first major reshuffle since last summer’s election victory. Keir Starmer has the perfect excuse; the world has changed. He’s fond of saying that, and of course it’s true; huge changes are afoot and the global economy looks very different when compared with the conditions of even a few months ago.

Global growth forecasts are being downgraded, supply chains are being upended and nation states are looking for competitive advantages. It’s tempting to conclude that Miliband simply hasn’t noticed any of this, but the truth is worse; he has noticed, and........

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