Why is Britain’s economy so stuck? It’s the tension between what voters want and what the bond markets allow | Larry Elliott

There is no such thing as the Bond Dealers party, but there might as well be – the people who trade in UK debt exert a stranglehold over our politics

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he days of two-party politics are over. When voters go to the polls in England next week, they will have five main contenders to choose from. In Scotland and Wales, the nationalists make it a six-strong race.

This fragmentation reflects the deep discontent with Labour and the Conservatives. One thing in common between the Greens and Reform UK is that they are each benefiting from a sense that radical parties are worth a punt because nothing could be worse than it is now.

That’s not necessarily the case. Inflation is on the rise due to the war in Iran. Mortgages are becoming more expensive. The likelihood is that the economy’s strong start to 2026 will not be sustained. No question, things could turn very nasty indeed.