Autumn Budget 2026: What does the bond market want from Healey?

John Healey is not expected to rock the boat in his maiden Budget next week. Looking at the combustible bond market, that s probably just as well, writes Ali Lyon. John Healey is, the well-worn cliche goes, walking a tightrope. Boxed in from three directions, the Chancellor could certainly have hoped for an easier backdrop in which to give his maiden Budget. From his left flank he will have to bat away the incessant demand for more public spending from backbench MPs and defence hawks. From his right, he will encounter the country s business owners and workers, ensuring he makes good on his promise not to raise income tax, national insurance or VAT. All the while, he must stick to his predecessor s fiscal rules and leave a buffer against uncertainty or risk a market revolt. With bond yields across the developed world sitting around multi-decade highs, it is this latter group that poses the most immediate risk to the Chancellor s fate. Investors still despite France and th