Jonathan Reynolds’ industrial strategy is straight out of the 60sReynolds has been told to avoid payout to Chinese companies over British Steel. He promised – new Prime Ministers always promise – change, a fresh start, a new approach. To sit at the controls of this new dirigiste scourge of “neoliberalism” Burnham chose Jonathan Reynolds. Fundamentally Reynolds still believes, as does the Prime Minister and as did Sir Keir Starmer and Rachel Reeves, that state intervention is the key to economic growth and prosperity. However he and the new government set about achieving “good growth in every postcode”, to use the Prime Minister’s slightly baffling phrase, it doesn’t feel like it will be cheap.