My starting point is not what Andy Burnham said but points recently made by Chris Dillow. Here he argues that we shouldn’t worry about the bond market per se, because that market is just an early warning system for future problems that any government should be worring about anyway. In that sense, the bond market is no different from, and less important than, an OBR forecast. For example, if the government were to start borrowing more to increase public spending, interest rates in the bond market might well rise, but this is only because additional public spending would generally increase the demand for resources, putting upward pressure on inflation. [...]