Blain’s Morning Porridge Nov 17th 2025 – The Political Weaponisation of Gilts

In bonds there is truth – at least there was until politicalcampaigners realised what a powerful tool they might be to amplify political failure. Destabilising markets by roiling bonds is unlikely to end well. The consequences could be fearful. Something snapped last week in Gilts, the UK’s GovernmentBond market. Normally I would call a sudden wobble in sentiment as a judder-moment, when something critical happens – like an athlete’s hamstring tearing – underminesconfidence and impacts market direction. Last week it was a succession of events suddenly overwhelming the market’s confidence in the Labour Government.  But…. I smell a rat. Lots of them. I see my self-appointed job writing the Morning Porridge as cutting through the Noise to get to the Signal. At the risk of peeving lots of Tory and Reform readers, let me say what I suspect. I think what we are seeing in Gilts is a result of deliberate misinformation and deflection. I reckon the government is being overwhelmed by a deliberate programme of Weaponising the Gilts Market to undermine confidence. When strange things happen, ask who benefits. In this case, theDark Minds of the Right Wing, who see what has been achieved in the USA, spotted the opportunity to undermine government. They don’t seek to boost the now largely irrelevant and clueless Tories, but Reform, who are, as yet, blank policy pages to be written on. They intend to be filling in these policy blanks. The Right Wing weaponizing the Gilts Market is a pretty bigcharge to start off Monday morning. Some may think I’ve gone full foil-hat conspiracy theorist, but let’s go with it…