It’s a regrettable reality that a politician – or an entire government – can limp on for months or even years after losing credibility in the eyes of voters. In contrast, when markets think the credibility is gone the consequences can be much more immediate. Just ask Liz Truss.

One week from today, the Chancellor’s credibility will be tested on all fronts, having already taken a pounding. The charge sheet is long.

Before the election, Rachel Reeves vowed that Labour would be “the most pro-business government our country has ever seen.” This promise, thrown out in stump speeches without any thought behind it, crumbled within weeks after Labour’s first Budget shackled businesses with £40bn worth of tax hikes.

Then there’s the

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