The party’s targets of building 1.5m homes over five years and decarbonising the electricity grid by 2030 look a stretch

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A landslide victory for Labour was also a satisfactory result for the vigilantes of the bond market. A Conservative administration that served up Liz Truss’s reckless budget of unfunded giveaways in 2022 has been punished. A Labour party promising fiscal discipline, to the point where it ditched a previous flagship £28bn policy on green investment in case it scared the horses, has been rewarded.

So, yes, one can see why the UK has suddenly acquired haven-like status in the eyes of financial markets. Unlike the US and France, for instance, international investors now know what they’re getting with the UK: a stable government anxious to demonstrate its market-friendly credentials. Meanwhile, inflation is falling and cuts in interest rates lie around the corner. “We believe UK government bonds (gilts) are attractive at current levels,” said Peder Beck-Friis, an economist at Pimco, the enormous bond fund manager.

Shein failed to list in the US and now the EU is planning customs duties that may dent its business model

• EU plans for import duty on cheap goods could dent Shein and Temu

A stock market listing for Shein has been talked about for so long that the round number of £50bn has become attached to this Chinese-founded fast-fashion retailer as a plausible valuation. It’s probably time to ask: are you sure about that number?

The figure isn’t plucked out of thin air, it should be said. Shein raised money from private equity backers last year at a valuation of $66bn, which is roughly £50bn. But, since the company also raised a few dollars at a $100bn valuation the previous year, it has merely demonstrated the standard truth that valuations set in thin private markets can be volatile and are not to be relied upon. Translating a sketchy private number into a hard valuation on a serious public market is a different game.