Dominic Cummings, closest adviser to UK premier Boris Johnson, unoriginally draws inspiration from Sun Tzu. The “disorientating moves, feints, bluffs” recommended by the ancient Chinese military strategist have so far failed to secure Brexit. Yet the UK authorities are pursuing similar tactics in a conflict with the bond market. Disarmingly, they have produced a sensible result. 

On Wednesday the UK treasury finally announced plans to kill off a flawed statistical yardstick used by the £800bn index-linked bond market. The UK pioneered these inflation-protected securities four decades ago. The eventual demise of the retail price index (RPI) will end a subsidy for investors in them.

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