Smug Rachel Reeves thinks she's escaped reshuffle unscathed - she'll be gone by Xmas

There's only one cowardly reason Sir Keir Starmer kept Rachel Reeves in place during his big reshuffle - and it's not because she's dazzling anyone with competence. I doubt a sleaze scandal and a reshuffle were part of the PM's big and bold "phase two" strategy, but one of his weakest links has somehow dodged the axe. The Chancellor is living on borrowed time. The only thing that saved her in the reshuffle was the doomed Budget announcement, which bought her a few more months to prove she's capable of something... though the odds of that are somewhat slim.

Even before the reshuffle, the writing was on the wall. Starmer parachuted in a team of financial experts to beef up No.10's credibility ahead of the autumn Budget - in other words, even he doesn't trust Reeves. The only reason she's still clinging on is so that when Labour's second Budget inevitably implodes, he can pass the blame on to her.

Before the reshuffle, which has been described as "shuffling the deckchairs on the Titanic", confidence in Labour had already plunged as Starmer attempted to micromanage the economy.

After he appointed economic experts to advise him, borrowing costs soared to a 27-year-high showing the market does not have confidence in Downing Street's new economic team.

Darren Jones was moved from Number 11 to a new post at Number 10, and Treasury minister James Murray replaced Mr Jones as Treasury chief secretary, and will now effectively be acting as Reeves's deputy.

The Chancellor announced November 26th as Budget Day, claiming "there's more to do" (understatement of the year) - a month later than the Budget last year. Shoving the date back by four weeks won't save the economy, nor her reputation. It simply delays the inevitable.

Tax hikes and brutal spending cuts are expected in November, as financial experts warn she probably won't make theChristmas party.

Watch your back, Reeves. The only thing keeping you in post is Starmer's need for a scapegoat. By the time the tinsel's up in Downing Street, you may well be out of a job.