When Andrew Griffith was appointed shadow chancellor on Monday, Labour MPs made much merriment of his involvement in the Liz Truss mini-Budget. Just a day later, Lord O’Neill, Burnham’s economics adviser when he entered No. 10, was pointing out that not since ‘Liz Truss days’ have we seen gilt yields rise as much as they did yesterday.

A global sell-off in bonds due to fears of resurgent inflation and interest rate hikes helped push Britain’s 10-year yield to its highest level since 2008. The 30-year – a good proxy for our country’s long-term viability as a going concern – shot up to 5.85 per cent – its highest since the late 1990s. Those rises continued when markets opened a few moments ago.

Now, while the........

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