Labour’s communcations operation has been in overdrive over the last week to control doom and gloom of its own making ahead of the budget. Panicked party officials are insisting there will be “no rabbit” as Reeves and Starmer release the major measures to the media…
As bond yields rise past the levels at which Truss “crashed the economy” the gilt market is wobbling ahead of a massive rise in borrowing. The Health Secretary told Times Radio this morning that the recent raft of budget announcements and fiscal rule changes are “important to make sure that this budget lands in the right context with the financial markets.” An admission of concern…
10-year gilt yields got to 4.29% on Monday – above mini-budget territory. Streeting says “we saw what happened with Truss and Kwarteng when they ignored the Office for Budget Responsibility and sidelined them when they took the markets by surprise.” Labour has coralled the OBR into producing a “review” of the Tories’ £22 billion “black hole” to support its messaging tomorrow…
The Guardian is already lined up to blame “bond market vigilantes” for a bad reaction to tomorrow’s Budget. Expectation management deployed…
Paula Barker, Liverpool Wavertree MP backing Andy Burnham, told Times Radio there wouldn’t be trouble from the markets under Burnham:
“The markets will have to fall in line.”