The booboos just keep piling up, don’t they, Possums? Now, with both the Chancellor AND the Governor of the Bank of England presently out of the country on a visit to China, the beastly bond markets have turned hostile to the government.

As if anyone needed any reminder that typical Labour tax and spend always paves the way for financial turmoil, they nonetheless seem determined to ignore conventional wisdom.

It’s stating the obvious, of course, but insanity really is the problem if you repeatedly do the same thing expecting a different result.

It would be easy to reel off a long list of statistical mumbo jumbo to illustrate the point, Possums, but you’ll likely get bamboozled into confusion in the same way as most people.

But, in an effort to simplify defining our predicament courtesy of Rachel Reeves Princess of Thieves, we can perhaps try and understand the basics.

The source of revenue for the treasury is tax; the treasury expends funds at the discretion of the government of the day. If tax revenue is insufficient to meet government payment commitments, either existing or planned in future, the government borrows what it requires.

Government borrowing contributes to the national debt, which must be repaid at some point in the future. Well, that’s the way it’s supposed to work in an ideal world.

The existence and functions of the capital markets cater in part to government sources of borrowing. This is achieved with the trade in gilt-edged securities, also referred to as gilts.

These are UK Government bonds, which are essentially debt securities issued by the Bank of England on behalf of the Treasury.

In the past couple of days, the capital and foreign exchange markets have begun to look alarmingly pear shaped. The cost of government borrowing is rocketing, the value of sterling plummets, which basically means the hapless chancellor’s spending ambitions either need to be curtailed or additional sources of revenue must be found.

Either taxes go up even further, and/or borrowing increases. So, you see, Possums this is a vicious cycle, and we are the ones who are going to feel the pinch. Add to the mix that nasty little thingy called inflation and there you have it. We’re bleeped!

To add insult to injury too, for insult is what it is, the chancellor was nowhere to be seen yesterday, although she hadn’t yet departed for China.

The chief secretary to the treasury, Darren Jones, hauled himself off his bottom to announce to the House of Commons yesterday that “UK gilt markets continue to function in an orderly way and underlying demand for the UK’s debt remains strong.”

He went on to stress that the Government “witnessed strong demand in its latest tranche of planned gilt sales on Wednesday”.

Well, I’ve got news for you, Mr Jones, you lemon. The gilt markets might very well be functioning in an orderly fashion; they might even be indicating strong demand for UK debt, especially in lieu of the latest tranche of scheduled gilt sales, but all this begs the question as to why it is so?

And you quite clearly avoid the obvious answers, namely the markets are signalling a pending financial storm gathering serious momentum.

Mel Stride had a go, yet Deluded Darren just sat there like a local bleep in a thunderstorm with a grin on his face that hardly fitted the mood of a sparsely attended meeting of MP’s.

So, we just got clobbered with enormous tax increases, massive national insurance hikes for employers ONLY in the private sector, and to cap it all, inflation busting public sector pay rises with inflation linked pension benefits as well substantially adding to the cost.

All of this runs parallel to a new workers charter that rewards mediocrity, which stifles increased productivity incentives into the bargain, and which in turn kills growth.

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But no Ms Reeves bleeps off to China to “re-engage” with the Beijing commies to come invest in the UK, begging the question as to how much more of Britain do you want to sell off to our adversaries, Madam Chancellor?

We are caught in a vortex of an upward spiralling financial crisis and the chancellor AND Two-Tier are nowhere to be seen.

Cowardice? What dya reckon?

Yet they find time to double digit salute victims of grooming gangs in denying them proper accountability for their suffering and trauma the night before by refusing a full public enquiry.

The Chancellor could and should have appeared before the commons before jetting off last night, she had ample time for it.

Freebies; shafting our pensioners; rewarding the government union paymasters whilst heaping the extra burden on the rest of us; surrendering sovereignty of the Chagos; pandering to the EU in appeasement threatening additional dilution of our sovereignty BACK to Brussels; and now playing fast and loose in handling the public finances with gross incompetence. This is an example of the net result of less than six months in power of this abysmal Labour government.

Roger Daltrey puts it rather well whenever he can be heard screaming the lyrics “Won’t get fooled again, no, no”, but sadly we Brits always seem to fail miserably by not doing that.

Christopher Smithers is an independent international business consultant