The bond market will decide how much the new UK prime minister, Andy Burnham, can deliver on his promises
The UK is not about to go bankrupt. It issues debt in its own currency, has a floating exchange rate, an independent central bank, and a deep domestic capital market. However, that should not be confused with saying the present fiscal path is comfortable - or even sustainable over the longer term.
The real danger is not that Britain suddenly runs out of pounds. It is that investors demand an increasingly painful price for lending those pounds to the government.










