Why should Tom Watson be given a peerage and not Paul Dacre?

Much of this is not Liz Truss’s fault. The great big adjustment all over the West is that the era of low interest rates is now over. This is causing a crisis because most people, businesses and governments – and, we now discover, most pension funds – planned their finances on the basis that the era would go on for ever. It was bad luck that this hit markets just as Britain got its new prime minister. However, the Trussties undoubtedly overreached. Having been caught out, they are forced to become the sober-sides they previously mocked. Having been punished for peremptorily sacking Tom Scholar at the Treasury, they have had to back off Antonia Romeo as his successor, because she has no Treasury experience, and put in the dependable James Bowler who was at Alistair Darling’s side when Northern Rock collapsed; and so on. This is a government of marketeers, flummoxed by markets seeking orthodoxy.