The anniversary of Norman Lamont’s failure is a timely reminder to Labour not to have its fiscal agenda set by the opposition

Monday will be the 32nd anniversary of Black Wednesday. For younger readers, and older ones with ailing memories, Black Wednesday, on 16 September 1992, was the day the Tories lost their reputation for economic competence.

True, they had lost it once before, when the Heath government of 1970-74 fell victim to the inflationary impact of the 1973-74 oil crisis, their economic boom that got out of control, and what became known as the disaster of the three-day week.