Compare the "gravity of the fiscal position" described here and elsewhere with the recent praise for the UK from the IMF. Cannot help but think this domestic pessimism partly comes from a mistaken view of the bond markets: UK rates are high because of expected inflation, not fiscal 'credibility'.

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Trying to picture the scenario wherein government debt causes a systemic credit event. What’s the last meaningful example — Russian default 1998 and the fallout?

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Calling local artists of all ages and abilities! 📣🎨🎄 Each year I send over a thousand Christmas cards to local schools, churches, GPs, businesses and people, and this year I'm looking for a local artist - of any age or ability - to design the artwork for the front! 1/3

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New post: Interest rates and Budget Deficits mainlymacro.blogspot.com/2026/10/inte... Would a lower UK government budget deficit reduce longer term interest rates, and in particular the interest rate on UK government debt?

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I was on the telly.

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