I would certainly agree with you on that, although we can live in hope that the gilt market would act to prevent the worst of outcomes should Starmer be on his way in the not too distant.
You only have to look at how yields reacted to Reeves’ little episode in the Commons a few weeks ago to see how fearful the market is about some of the potential successors to Starmer, although these risks have arguably subsided a little now with Rayner being out of the picture.
I think the market broadly tolerates Starmer and Reeves, albeit at a price, because the pair of them are so confused and muddled in their thinking that it’s doubtful how much serious damage they can really inflict before they get booted out in a few years. They’re unlikely to ever come up with a truly radical plan that would break the current orthodoxy and stick to it, because they ultimately they lack the necessary skills and conviction to do so.
If however they were replaced with someone possessing a clear view of what they want to achieve, and the willingness to push it through, then that could be a different proposition and a different reaction from the market would probably be forthcoming.
I have to say though that if Mandelson really did fail his vetting by MI6 as is being speculated, and Starmer still chose to appoint him, then I would think that Starmer is in some considerable trouble. Also, you wouldn’t really want a vengeful Peter Mandelson working against you. Could be an interesting few months ahead.