Jeremy Hunt has been re-appointed Chancellor and the bond market vigilantes are pleased. Ten-year gilt rates are back to at 3.6%, exactly where they were before the markets were spooked by the mini-budget, almost a full 1% below their recent highs. Sterling has traded back up as high as 1.15 against the dollar as well.

Now come the difficult choices. Rishi has to decide by how much taxes are going up – and by how much spending is to be held down.

Interest rates will go higher regardless, as central banks seek to contain inflation and undo their monetary mistakes of recent years.

It is often said that a free press is a good constraint on bad government, Guido would add that free capital markets are a good constraint on government spending.

The Labour Party may have enjoyed the recent political benefits of the markets bucking Liz Truss out of her saddle. They should remember that those same bond market vigilantes trust socialists even less…