If there is one moment of Tory excess that the Labour Party has long sought to define itself against, it is Liz Truss’s market-shaking mini-budget in 2022. “Never again”, Rachel Reeves said solemnly in 2023, “will we allow a repeat of the devastation Liz Truss and the Tory party have inflicted on family finances.” Which is why the bond market’s sharp response to Ms Reeves’s first budget as chancellor, which she delivered on October 30th, is particularly tricky.