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The pound has dropped to a 14-month low in early trading in London, as the bond-market sell-off fuels anxiety over UK assets.

Sterling has lost a cent against the US dollar, extending its recent losses, falling to around $1.226.

This dynamic, of yields moving higher, as the respective currency falls, is a classic sign of fiscal de-anchoring taking place, and of participants losing confidence in the Government in question’s ability to exert control over the fiscal backdrop.

We’re not at the Truss/Kwarteng stage just yet, but things are clearly on very shaky ground indeed.

“No one should be under any doubt that meeting the fiscal rules is non-negotiable and the Government will have an iron grip on the public finances.

“UK debt is the second lowest in the G7 and only the OBR’s forecast can accurately predict how much headroom the government has - anything else is pure speculation.