The 7000

In June last year I described the financial system as a creaking chair. A chair can creak for a very long time. You tighten a screw, brace a leg, shift the weight or put something underneath it, and it keeps standing. Nobody honestly knows the date it gives way, and I am not suggesting one. The creak tells you something else and the question for Britain is how much weight its chair is now carrying and who is being asked to hold it up. In September 2022 the 10-year gilt yield