A vulture marked “recession” perches ravenously over a harried Denis Healey, the 1970s Labour chancellor, on the walls of George Osborne’s office. The shadow chancellor pointed out the cartoon as a retort to suggestions the government will win the political battle over the economy.

His intention was not to draw parallels with the Tories’ behaviour in past downturns. The opposition party is anxious to distance itself from the perceived Thatcherite indifference to voters’ economic suffering.