For all the new Prime Minister’s positive vibes, conflict in the Middle East has driven up inflation and prompted a retreat from sovereign debt in financial markets that has increased borrowing costs, blowing a hole in the buffers against the fiscal rules bequeathed to John Healey by Rachel Reeves. Healey faces a tough balancing act between funding those positive vibes, supporting families through another tough winter, while also reassuring the markets in his Budget.

With the energy price cap due to rise to around £2,000 this winter, how should the Government provide support for struggling…