It's meaningless to compare yields of bonds issued in different currencies, because of differences in so many factors (inflation expectations, interest rate policies, etc.) besides government cr… (View Post)

He doesn't have Blair's political judgement either - he seems to have his luck, judging by the last couple of months, but luck is a fickle mistress. (View Post)

We actually haven't been well governed for a generation, not just a year. But as long as the economy kept growing on a debt-fuelled binge, a mediocre civil service and political class could pape… (View Post)

Also much of the "bill" was things like pensions that would have had to have been paid anyway. It's three years' net EU contributions, or two years' gross which is basically … (View Post)

Good God. Clearly American bond markets have been anticipating Kwasi's budget by at least a year. (View Post)