Angela Rayner is the bookmakers’ front runner to become the next PM. This is a woman who cannot even manage her own tax return. Andy Burnham, Wes Streeting and Ed Miliband are also in the frame. The PM is clinging on by his fingertips. By refusing to bow to the inevitable, he’s only prolonging the chaos. Labour is now obsessed with one thing: who replaces him. It hasn't got time for anything else but that's a real problem, because they serious crisis is brewing.

Labour should be ashamed of itself. First, by unleashing Chancellor Rachel Reeves to trash the economy, driving up taxes and spending while destroying growth. She’s left us more exposed to the Iran crisis than any other major economy. The oil price continues to rise, and we face shortages by the summer. But the biggest danger facing us isn't oil. It's the bond market. Investors are watching the Labour leadership struggle, and they don't like it one bit.

The UK is once again on the brink of a gilts crisis. Exactly like the one we suffered under former Tory PM Liz Truss, less than four years ago. And potentially worse.

The bond market is where governments go to borrow money. Reeves is there as often as a serial shoplifter hits Tesco. She’s borrowed £132billion in the year to March. Without all that borrowing, she cannot fund vital public services or balance the books. That's despite all the taxes she's hiked.

Overall, the UK plans to issue £252billion in government bonds, or gilts, this year. That includes refinancing existing debt. As bond investors get suspicious, they’re demanding we pay even higher rates of more interest. That's because they just don't trust us anymore.

These days, I watch 10-year gilt yields like a hawk. The higher they go, the more it costs us to borrow, and the worse our finances get.

A couple of months ago, 10-year gilt yields were around 4.25%. This morning they've just topped 5.12%. That's a huge movement in bond market terms. And well above the Liz Truss peak of 4.6%. By contrast, Germany pays just 3.1%. Why? Because bond investors trust Germany. They don't trust us. That’s the price of Labour's political failure. Ultimately taxpayers will foot the bill.

Longer-dated debt is even more worrying. Twenty-year gilt yields topped 5.73% this morning, with 30-year bonds pushing towards 5.8%. These are the highest levels this Millennium. It's terrifying.

Debt interest already absorbs around £1 in every £12 the government spends, costing roughly £3,400 per household. We're being pulled deeper and deeper into the red. And with Rayner and Burnham hovering, we're in big trouble.

Once Starmer falls, Labour is set to take a sharp left turn. More tax, more spending, more borrowing. All of which will undermine growth, and drive up our debt. Yes, it's back to the 1970s again.

Labour MPs and activists don't care. They never do, really. All they want to do is get their hands on money any which way, then spend it. The bond market is on red alert.

If Britain continues down this path, we risk another Truss-style shock. If we do, Labour will never be forgiven. Just as the Tories weren't.