The crescendo of shrill warnings about the UK government bond market right now is pretty ridiculous. But the doom-mongers are, possibly inadvertently, hitting on an important point.

If you have managed to avoid the cacophony of UK-baiting, emanating mostly from right-wing, homegrown sources (including Liz Truss — remember her?), then congratulations. The short version is that UK government bonds are weaker now than they were even after Truss tanked the market in 2022, and that a hell-bent, deeply incompetent left-wing government is driving the country into the dust. Soon, they warn, we will need a bailout from the IMF, just like in the dark days of 1976.

Now, sure, the UK has its challenges. No argument from me there. And yes, long-term bond yields are now uncomfortably high — the flipside of a drop in prices.