To stay in the top job, a British prime minister has to try and keep certain groups happy. MPs, party members and donors do not like to be ignored.
Nor do the bond markets. And often it feels like they matter the most.
That’s because those markets are what make it possible for governments to spend money. Each of the bonds is essentially a loan from an investor to the state.
In return for the loan, the government pays a certain amount of interest (yield) for a set period, before paying back the original amount.
Governments seen
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