The drama in the Commons on Tuesday and Wednesday — as the government scrambled to push through a controversial welfare reform bill — looked like a major crisis. Even with a large majority, Labour struggled to control the narrative.
In truth, this kind of backbench revolt is nothing new. Blair faced dozens of them and still governed. But the world has changed, and our politics is now filtered through the lens of hysteria. The focus is no longer on policy — it’s on personalities, factions, and the performance of politics as soap opera.
Social media demands drama. No drama Starmer doesn’t give it to them, so the coverage swings from bored to hyperbolic. Economic reporting is no better: people lose their minds over stories that disappear by the time the next headline drops.
The Real Risk: Financial Markets
The real danger this week wasn’t parliamentary theatrics — it was financial markets. For the foreseeable future, Britain is dependent on borrowing to fund the welfare state and basic government operations. That means keeping the bond markets happy.
Tuesday’s backbench revolt sent a worrying message: that the current welfare system is both unaffordable and politically unreformable. The partial climbdown on welfare reform risked spooking investors.
This isn’t new. It was financial markets — not voters or Congress — that forced Trump to back down on tariffs. They hold real power.
Gilts, the Pound, and Rachel Reeves
Markets were already uneasy. The welfare bill tightened the government’s fiscal position, and investors were watching for reassurance. They wanted one thing: confirmation that Rachel Reeves would stay as Chancellor.
When that signal didn’t come at Prime Minister’s Questions, the markets wobbled. Gilt yields rose, and the pound dropped. When Starmer later confirmed Reeves would remain in post, everything stabilised. Gilt yields fell. The pound strengthened. By this morning, things had improved further
The sharp peak is Reeves tears. The sharp drop is Starmer’s reassurance.
Clearly, Reeves has the confidence of financial markets. Her position acts as a guarantee of fiscal discipline. That’s not ideology — it’s just how the bond markets read her. The fact that the government managed to offer concessions on welfare reform without triggering a sustained rise in borrowing costs is good news. Very good news.
The Smell of Misogyny
The coverage of Reeves — from both left and right, online and in traditional media — absolutely reeks of misogyny. Her competence is held against her. Her authority triggers resentment. She’s treated as if she’s managed to offend all wings of the press simply by doing her job.
Viewing politics through the lens of social media is infantilising all of us.