Labour is in government, but not in power

Labour’s extraordinary majority is very real. But what it can achieve is an illusion. Seats were never going to be the constraint. Money always was. The government is one wobble away from another bond crisis, regardless of who is in charge. And so Labour had better toe the line of the country’s financial masters. If it remains in their good books, the bond market will have a “mystery” buyer, no matter what. If they try to break the mould, look out below…