The UK’s Labour Government should be the most politically stable in the Western World, but its stumbling from mistake to mistake because it doesn’t understand the real opposition. Rachel Reeves’ next banana skin are PCP claims where she is favouring Big Banks over Voters, demonstrating little awareness of the electorate or the business of finance.

The UK chattering classes are delighted. They’ve finally got something they can all agree on – it’s all Labour’s fault. However, that leaves one itsy-bitzy problem? We all agree this lost are useless. The last lot was even more useless. How and who is actually going to fix the UK? I prescribe a course of pragmatic reality and primal screaming….

Oh, to be a fly on the wall while they wrote the speeches for last night’s Mansion House dinner. The Bank’s Bailey railed against Brexit, while Chancellor Reeves plans to deregulate financial services and refocus UK investment through new Megafunds. What could possibly go wrong?

I am not particularly worried about tomorrow’s UK budget statement, but from the noise you’d think it’s the end of the world. I suspect there are elements of the UK’s political blob who will be very happy for Rachel Reeves to challenge Liz Truss in the incompetency stakes. She won’t, but the blob will try to undermine her – perhaps through the Gilts Market.

Labour might have a massive majority, but they are being mugged in broad daylight by the rump Tories who have persuaded the electorate they’re as bad as they were. That’s not good in an economy requiring big decisions to be taken and delivered competently. Labour is in danger of losing “Grip”.

 The stunning success of yesterday’s 14x covered 2040 Gilt confirms the new Labour Government has a wider range of options for the October Budget. It nails the lies fictitious “Bond Vigilantes” having been pouring in the market’s ear – the fact is the global bond market has just demonstrated confidence in Sir Kier Starmer and Rachel Reeves.

The UK is even more broke that we thought. Chancellor Rachel Reeves is determined to address the crisis. However, austerity is pointless unless it’s accompanied by genuine fiscal reform and policies designed to foster growth, jobs, and wealth creation. That’s a bigger challenge than just cutting spending.

So much to write about this morning…. Just some of the questions are:

How might Kamala Harris and a closer US election change the economic and market calculus? What does the Crowdstrike omnishambles on Friday tell us about the uncertain foundations of global tech and its’ resilience to instabilities? What did we learn about the UK’s economic prospects from Chancellor Rachel Reeves on Sunday Morning’s BBC interview?

The UK’s general election will be the most critical moment in UK politics in decades. The key point will be for prospective new Chancellor Rachel Reeves to persuade global markets the UK is investible. She needs to be absolutely clear on her plans and engagement.

The multiple problems facing the UK will not be solved by Sir Keir Starmer’s Labour Party trying to be better Tories than the Tories. We don’t need better Tories. We need a better UK.