Applause from business, alarm from officials, despair from Blairites and enthusiasm from the Tories: the mixed reactions to Ed Balls’ potential promotion to chancellor reflect his record as a polarising and influential adviser and minister.

Business support for the children’s secretary’s possible move to Number 11 stems from fond memories of his 13-month stint as City minister. Mr Balls was seen as a highly effective ambassador for the Square Mile, championing its interests.