Just to remind everyone, there are no bond market vigilantes. No one at all is looking at UK government policy and deciding that oooooh, no, we don’t like that, we’ll punish them into not doing it. What does exist is some number of money managers - our own pensions, insurance companies, Johnny Foreigners and the rest - looking at UK government borrowing promises (the things we call “gilts”) and sucking teeth over what they think they’re worth. Should we put that money into gilts, or euobonds, or shares, or US Treasuries, or housing, commercial property or, well, mebbe just straight cash in the vault is best? [...]