So, what’s it going to be? An end to 40 years of neoliberalism or a future shaped by progressive capitalism? That, at least, is the choice represented by Andy Burnham and Wes Streeting.

The former health secretary delivered an impressive speech yesterday, offering an alternative economic vision to the more left-leaning instincts of Labour’s candidate in tomorrow’s Makerfiled byelection. Whereas Burnham claims that “neoliberalism” has been destroying the UK for four decades, Streeting at least recognises the value of competition and capitalism, even if he does want to package these ideas in the progressive language of purpose and fairness.

And whereas Burnham seems to believe that the role of Prime Minister is simply to announce things and write cheques (literally the role of a regional mayor) Streeting made a point of warning against allowing any leadership election to descend into an “auction of the most expensive and popular pledges to appeal to the party faithful.” Burnham got a hard time for saying the UK shouldn’t “be in hock to the bond markets” – despite later clarifying that he meant we shouldn’t be content with an economy so fragile that we’re at the mercy of international lenders – and yesterday Streeting sought to capitalise on the Manchester mayor’s gilt-gaffe by saying “bond markets are not Bond villains.” If only more Labour MPs had the confidence to say such sensible things.

The choice between Burnham and Streeting will be a clear one

I don’t agree with every element of Streeting’s critique or all of his proposed solutions (I like my capitalism with a little more red meat) but in under an hour Streeting showed more intellectual flare and more interest in economic growth than Rachel Reeves has offered in two years. He certainly offered more than Burnham appears capable of. We don’t know who else might enter the coming Labour leadership race, but if it ends up being between Burnham and Streeting, the choice will be clear.

The King in the North wants to say yes to everyone and spend money we don’t have, but the King over the Water is evidently more interested in supporting business and entrepreneurs, growing the economy, encouraging greater competition and using the dividends to lift Britain out of its doom loop. Streeting’s chances of winning a Labour leadership race may be slim, but he does at least represent a chance to revive this country’s economic fortunes and repair our frayed social bonds.

Labour MPs and party members should seize it.