Rachel Reeves' speech this week was billed as the economic reset moment. It did its job up to a point. She started with a courtly bow to President Trump. This set the tone for what followed, subliminally communicating: I don't want to have to say this, but I've no choice. She has been forced by the global stage into an important reality check.

In life you can only ever really do what you want to do if you pay enough attention to doing the stuff you really have to. Life is about trade-offs.