Labour and Sir Keir Starmer's economics are pretending things are worth more than they are

We know this because they both said so, repeatedly, in a press conference so well organised it was an hour late, the footage was all over the place and the agreement’s announcement came as a surprise to both MPs and ministers.

I am not for a second arguing the deal isn’t good news. It protects jobs, boosts British steel, and to a certain extent helps the automotive industry, albeit with a cap of 100,000 sales. But it is also, crucially, not better than what came before Mr Trump took office.

Britain has secured preferential treatment. That is no doubt down to the fine negotiating of Sir Keir and the UK government. But to pretend this is a cause for celebration is nonsense. The Labour leader has steered the ship away from the iceberg, but let’s not call a plaster a full recovery.

Tariffs, the great anchor around the neck of business, have not been removed. They have been reduced in some areas.

The 10 per cent tariff level will stay the same for all countries, so Britain is not at a disadvantage comparatively, instead suffering along with them. Mr Trump has basically committed daylight robbery, then been gifted a party with the King for giving some of it back. A bully taking less of your lunch money than the rest of the class doesn’t warrant a cake.

This fawning, this insincere spectacle of celebration, is a feature of Labour’s stewardship thus far - not a bug, but a feature. Downing Street tends to overemphasise the importance of some achievements, but then downplay more beneficial areas because it is in a political argument they have abandoned.

I say this because there is a very clear way to boost growth, an economy desperate to work with us, and in time, they may. But to say too much about them, to flirt too openly risks re-opening the wounds of a referendum most of our politicians have pretended is behind us, rather than a wound that’s still bleeding out.

That’s not to say the UK isn’t seeking an EU trade deal, and avoiding chlorinated chicken and hormone pumped beef will help with that. But there is a wariness to concede the negative impact of Brexit, which was more damaging to the economy than Covid, because it’s more important to look patriotic than have money in people’s pockets.

The SNP know this and repeatedly target the issue, because of course separatism is only good in certain circumstances. Never knowingly missing an issue to politicise, this is a rare case of the SNP economic argument being based in truth, not just point scoring.

The UK economy is floundering, growth is abject and there’s a cost-of-living crisis. People don’t just need better rhetoric from Labour, but action.

So we wait, hoping an EU trade deal can be achieved, something that would make a sweeping difference to lives in the UK, albeit not as much as full-blown membership. Labour knows this but won’t say it, because it’s politically easier to celebrate small successes than it is to dream of something better.