Iread the article by Larry Elliott with interest and thought I could suggest one small act of rebellion that is easily in the chancellor’s hands and could raise substantial sums of money ( Let France be a warning, Rachel Reeves: stand up to the bond market vigilantes, or they’ll come for Britain next, 11 September ).

At the moment, interest on the vast majority of government borrowing is paid to banks, pension funds and other lenders, a significant proportion of which are based overseas. Interest paid on those borrowings varies, but can exceed 5%.

While we are largely in the hands of these “bond market bullies”, we have our own bond market that is available to tap into. At the moment about £130bn is held in premium bonds , which pay out an equivalent interest rate of 3.6%, almost ent

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