A year ago Andy Burnham had a tough business reception at Labour’s party conference. The then mayor of Greater Manchester, with clear ambitions to replace Keir Starmer, had rattled the City of London with his comment that Britain should be less “in hock” to bond markets.

Returning to the annual gathering in Liverpool a year later as prime minister, the mood is different. Labour is pushing to repair relations with corporate Britain and reassure City bond traders against a jittery backdrop amid the Middle East war.