Reeves rightly fears the bond market, but she can afford to ditch one unhelpful rule | Phillip Inman

The chancellor has wisely vowed to drive down the annual deficit, but long-term defence investment must not be delayed There is a good reason Rachel Reeves is wary of the dreaded bond market vigilantes. Anyone who inherits a mountain of debt and then finds out that many of the lenders act like sharks is right to be concerned. Most of the participants in financial markets are not actively predatory. They swim in a sea of money with only one rule, to stick together, hoovering up as much profit ...

By Phillip Inman