This is a sensible approach. As we saw with Truss, anything ‘unfunded’ for day to day stuff will, rightly or wrongly, be slaughtered by the markets.
The alternative is to start suggesting theyll spend more but that it will require higher taxes…unlikely to an election winner especially in the middle of a cost of living crisis
Their first job is to get into power and whether people like the approach or not, Starmer and Reeves have rebuilt labours credibility when it comes to the economy/public finances so the strategy does appear to be working. The problems will be if shadow ministers start suggesting they can deliver more than perceived to be affordable as Clint mentioned about streeting
Still waiting for the long term vision/plan from any party.