There is a damaging narrative that Labour built the welfare state in 1945 while Britain was broke, and that this somehow proves we can simply do it all again. It is historically illiterate and it is politically dangerous.
Attlee's settlement was bankrolled by imperial surpluses, Marshall Aid, sterling's privileged role within Bretton Woods, capital controls that turned domestic savers into a captive bond market, and inflation that quietly torched the real debt. It sat on top of a state a fraction of today's size, financed by a young workforce, riding reconstruction productivity growth.
None of that applies now. No imperial buffer. No Marshall Aid. No captive market. UK industry is under 2% of global output. The state already eats 45% of GDP.
Expect this narrative to gain more traction in the coming days when people tell us we can just ignore the markets.