His replacement may not be well-known to the wider public but is no stranger to the business community having been shadow City minister between 2016 and 2020. Those he interacted with during that time say he is engaged, likeable and understands the sometimes arcane subject matter.

So far so good. However, Labour’s pro-business message appears to be stronger on the broad-brush generalities and weaker on the particulars. 

Take, for example, Reeves’ response to the Budget. After Rishi Sunak announced a cut in the bank surcharge tax, a reduction in air passenger duty for domestic flights and an overhaul of alcohol duty, the shadow chancellor said: “At least the bankers on short-haul flights, sipping Champagne, will be cheering this Budget today.”

It was a pretty good line given that it was delivered more or less off the cuff. And it’s been repeated several times since, so presumably Labour is happy with it. 

The trouble is, while it may have provided a good political sound bite in the pell-mell of the Commons, it undermines Labour’s broader pro-business thrust. 

The cut in the banking surcharge is a function of Sunak raising corporation tax significantly. Without it, UK banks were facing the highest tax burden anywhere in the rich world. Even with the reduction, they are still going to end up paying more tax. 

The cut in air passenger duty for domestic flights was certainly oddly timed just a few days before Cop26 kicked off in Glasgow. But it was designed as a means of boosting regional airlines that have been absolutely pummeled by lockdown and are an important component of any attempt at levelling up the country. 

The reform of alcohol duty was the most radical rethink of the centuries-old tax for at least 140 years and based on the very common sense notion that rates should go up in line with the strength of the drink. The move was welcomed by more or less everyone: the drinks industry, the pubs groups and even the Alcohol Health Alliance. 

So what, exactly, was Reeves criticising? Does she really want UK banks to pay the highest level of tax in the OECD, the regions to be earth-bound and alcohol duty to remain unfit for purpose? 

Similarly, Sir Keir’s broad message that Labour can be trusted on the economy and won’t throw money at every problem is continually undermined by his MPs screaming that every new policy the Government announces doesn’t go far enough. 

This knee-jerk reflex to oppose pro-business initiatives and constantly call for more spending is like a habit Labour can’t break, an itch it won’t stop scratching. 

It is clear that relations between the Conservatives and business have deteriorated markedly after two tax-raising Budgets and Johnson’s decision to blame companies for labour shortages and supply chain issues rather than sort them out. 

However, there is a difference between spotting an opportunity and taking advantage of it. Labour still needs to prove it really means business.