The least convincing thing said by Labour shadow chancellor John McDonnell at the Labour party conference in Liverpool was ‘I believe we’ll be elected for a second term.’ In all his other remarks about plans for compulsory employee share schemes, workers on boards, higher corporate taxes, extended employment rights, attacks on the rich and below-market renationalisation of water utilities whose bosses he would fire, he talked about getting the programme done ‘within the life of a Labour government’ — with the clear implication that he thinks Tory turmoil might be about to give him a once-in-a-lifetime, one-term-only chance to make...