Rachel Reeves has delivered what is likely to be her valedictory Mansion House speech, defending her record on growth, borrowing and the public finances. But with businesses counting the cost of higher employers’ National Insurance and Labour preparing for a change of government, what will her legacy be?

Meanwhile, the race to become Andy Burnham’s chancellor appears to be shifting. Ed Miliband was once seen as the frontrunner, but some around Burnham fear that he would be too powerful – and too resistant to their plans for devolution and Treasury reform. Shabana Mahmood is now being tipped for the job, but would moving her from the Home Office prove a costly mistake?

Noa Hoffman speaks to James Heale and Michael Simmons.

Produced by Oscar Edmondson.

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