Bond markets are reported to be twitchy this morning. Gilt rates are rising. The City of London is muttering about “fiscal credibility”. And the reason is not hard to find. There is growing uncertainty about the future of the Labour government and, in particular, whether a successor to Keir Starmer might eventually emerge who could shift policy, even modestly, to the left. The mere possibility that a future government might choose to improve public services, reduce poverty, invest in housing, or restore social security is enough to unsettle financial markets. The threat, from their perspective, is that the government might begin to work for ordinary people instead of primarily serving wealth [...]