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  • It is, as you indicate, complicated, but the blame here does not fall on the shoulders of the press.

    If one wants to pursue ‘heterodox policies’, fine (though of course she had absolutely zero mandate). However, one needs to get or keep the people that bankroll this state on side. That means cosying up to bond markets, pension funds, analysts, hacks, etc beforehand. To not do so is utterly moronic, regardless of whether the policy is the right one or not for the UK.

  • I don't disagree at all with that, although the press clearly play a large part in what happens next. Labour would be idiotic not to pick it up as a line of attack, and of course they have, and will continue to mention it for years to come. It's politically convenient to say the least, but also deeply favours the status quo.

    My frustration is that we'll likely see less progressive experimentation in macroeconomic policy because of it, and that's to society's detriment.

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