A Labour leader arrives, shirt and smile ironed into place, in his hands a big idea. He has polished one slogan, prepped three anecdotes, memorised eight bullet points. He wants more cash for vital services, or workers to have a stake in their employers, or to take some utility into public control. Not so big an idea, really, but, right on cue, the attacks come from almost every side – breathless lobby reporters, sententious columnists, zombie Blairites. And they all agree on one fatal thing: the bond markets will never wear it.

The death sentence having been pronounced, all that remains for the politician’s proposal is a pauper’s funeral.

It happened to Ed Miliband and Jeremy Corbyn. Today, before he has even become leader, it’s happening to Andy Burnham.

Catch the news on any given day and gilt yields are the reason why Ed Miliband can never be chancellor, but Wes Streeting could be. They’re why people with disabilities should lose their income and Thames Water must stay in private hands.

Believe Westminster, and the bond vigilantes are the ever-present, always hovering threat to political stability. For every Labour bonehead telling bond investors to “fall into line”, there are Keir Starmer and Rachel Reeves pleading to stay in Downing Street to keep the peace in financial markets. The message is clear: go too far and Britain becomes Greece, or the king of the north turns into Liz Truss.

Lovely scare stories, to be sure, but based on precious little evidence. The greatest threat to the stability of a Burnham government does not lie in bond markets but among his own Labour MPs on the backbenches........

© The Guardian