Prime Minister Sir Keir Starmer and Chancellor of the Exchequer Rachel Reeves – Photo credit: Jacob King/PA Wire

This government has made plenty of mistakes but ditching Rachel Reeves would be by far the biggest. While my advice to ministers remains “I wouldn’t have started from here” I have to recognise that a misstep now could make a bad situation worse.

And the situation is bad.

As Labour marks its first full year in office the Prime Minister is a diminished figure, unable to pass key pieces of legislation thanks to a parliamentary party that is unwilling to find £5bn of savings in a £310bn welfare bill. This is forecast........

© City A.M.