Kemi Badenoch, the Conservative leader, sounded cruel but shrewd when she targeted the key questions for state spending and stock market investors this week. What’s our priority? Welfare or warfare: bullets or benefits?

Since Russia’s full-scale invasion of Ukraine on February 24, 2022, the economic question has become an existential one. National sovereignty means nothing unless you can defend it.

Now Argentina is challenging Britain’s ability to preserve the independence of the Falkland Islands, established by force of arms 44 years ago, Prime Minister Andy Burnham could be forgiven for feeling under attack from all sides.