Brits seem curiously untroubled by Labour’s Budget – at least for now

If the public is worried about what lies in store in Rachel Reeves’ first Budget, there are few signs of it yet in their shopping habits. The latest retail sales figures, released by the Office for National Statistics this morning, show that sales volumes were up by 0.3 per cent in September. Over the three months to September – a more reliable figure as it is based on a lot more data – sales were up a very strong 1.9 per cent. It seems that the long covid winter in the retail world may finally be coming to an end: though sales volumes in September were still 0.2 per cent down on the level they were in February 2020, on the eve of the pandemic.

The bullishness of ordinary shoppers contrasts somewhat with the sense of doom among many commentators as we approach the Budget in 12 days’ time. In