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The Chancellor swung the wrecking ball from day one, instantly crushing confidence with warnings of a looming tax blitz. Then she exceeded even her critics' worst expectations with £26billion in tax rises in her first Budget, followed by another £40billion in her second. The result? Profits and incomes squeezed, wealthy Brits heading for the exits, unemployment rising and a country where welfare can pay better than work. Growth has flatlined and still more tax hikes are on the way. No wonder the country feels so miserable, and so down on Reeves.

Reeves is scrambling to blame the Iran conflict for the economy's woes, but it won't wash. The IMF has warned we're in a worse position than any other major economies to withstand the shock. But a battle closer to home is also panicking markets: the looming challenge to Sir Keir Starmer. Britain's PM may have survived the latest Peter Mandelson row, but his dishonesty and incompetence means he's on borrowed time. Labour faces a hammering in next month's elections. That could be the end of him.

But here's the problem: things may actually get worse. If Starmer goes, Reeves probably follows. And for all her faults, we might end up missing her. Especially if Angela Rayner is our new PM.

Right now, Red Ange looks the most likely victor. Wes Streeting may fancy a run, but he'll struggle to win over Labour's left. Plus he was mates with Mandelson too. Mayor of Manchester Andy Burnham would be shoo-in, but he's not even in Westminster. Leftie activists adore Ed Miliband, but he insists he doesn't want another go at the leadership.

If Rayner survives the stamp duty scandal, the job could be hers. She's often described as "soft left", but in practice her views are pretty hardcore. More tax, more spending, more borrowing, more union power, and even less chance of economic growth.

Her arrival in No. 10 could rattle markets, hit the pound, and drive government borrowing costs even higher. And financial experts from around the world are trying to warm Britain of the consequences. They fear Rayner could trigger a crisis to match the 'Calamity' Liz Truss meltdown of autumn 2022.

The alarm has been sounded by analysts at Swiss bank Union Bancaire Privée. They say the pound is already sliding and could fall further as speculation builds over Starmer's future.

UBP also points to "a dearth of credible candidates to replace Starmer". I won't argue with that. It said more borrowing will drive up our borrowing costs and pile even more pressure on the public finances. A rise of just half a percentage point in gilt yields could wipe out £15billion of fiscal headroom, it calculates.

Ten-year yields have already climbed above 5%. That's uncomfortably above the 4.25% they peaked at under Liz Truss. Under Rayner, they could go higher still.

Canadian investment bank Desjardins is also warning of the danger. It says Rayner has a credibility deficit due to her prominent role in forcing Reeves to U-turn on earlier plans to slim down spending.

For all her faults, Reeves is the only Labour figure still talking about fiscal restraint. She hasn't delivered it, but at least she publicly recognises the need. If she goes, even that thin commitment disappears. Without Reeves, the bond market could revolt, making things even worse for all of us. Be careful what you wish for.