The Treasury and Bank of England attempted to provide reassurances this afternoon. The trend was clear: Don’t panic, we know what we’re doing.
Despite this, there is a fear among some Conservative MPs, in particular, that the government is not doing so.
Hence, politically speaking, a struggle for perhaps the group’s biggest prize: the mantle of economic credibility.
For years, this was the Achilles heel for workers. They were attacked by opponents of the Conservatives as financially incapable of control; Unable to rein in the desire to tax, borrow and spend.
But they are now trying to flip the accusations on the Conservative Party, allowing themselves to imagine that this could be a moment – like Black Wednesday 30 years ago – where events escalate outside the control of the government and thus upset ministers of reputation, and never properly return. .
Others, though, advise caution… This moment may pass; May relieve stress.
Much within the Labor Party is still seeing a changing landscape; Desire to listen to it again.
What we are seeing in the markets are the short-term results of Friday’s statement from the chancellor.
But there will be far-reaching consequences, too – that will shape the political debate between now and the next election.
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