The Chancellor's screeching U-turn from doom-monger to breezy optimist smacks of cynical opportunism, writes ALEX BRUMMER

The change of heart is so brazen it takes the breath away. Instead of embracing an economy that has been growing fast in the first half of the year as the shocks of Covid-19 and Russia’s war on Ukraine dissipated, Rachel Reeves instead instilled fear and apprehension about the future with her dire warnings Stirring stuff, which continued in her Labour Party ­Conference speech as she told delegates her ‘optimism for Britain burns brighter than ever’, adding that her ambition for the country ‘knows no limits because I can see the prize on offer’. The initial warmth felt by the business and finance community and by economic big hitters when she became our first female Chancellor has evaporated in the short time since Labour’s triumphant election Not only that, Labour has also managed to alienate Left-leaning bodies such as the Joseph Rowntree Foundation charity, which recently cautioned Reeves that she has created a ­‘climate of fear’ for struggling families ahead of the Budget. Instead of embracing an economy that has been growing fast in the first half of the year as the shocks of Covid-19 and Russia’s war on Ukraine dissipated, Reeves instead instilled apprehension about the future. He added: ‘Following the withdrawal of the winter fuel payments, and clear warnings of further difficult decisions to come on tax, spending and welfare, consumers are nervously awaiting the Budget decisions on October 30.’ Meanwhile, the UK Manufacturing Purchasing Managers Index, a key guide to business opinion and confidence, has gone into reverse.