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  Pimco, the world's largest bond fund manager, has said that it is to start selling its holdings of UK government debt. Other global funds are likely to follow suit.
  
  This looks like the first moves to downgrade UK Government debt, demonstrating a lack of confidence in the UK policy for debt reduction. For some time now the markets have been held up only by an expectation of a change of Government. It looks as if the PBR and the continued ostrich-like stance of the Labour Government are having an increasingly negative impact.
  
  The effect to all of us will be an increase cost of government borrowing, making the need for cuts even greater and increasing the amount of cuts needed. It could also have inflationary impact.
  
  It makes the job of the next Government that much more difficult and the pain that will be felt by the public worse. You think the loo closures are bad, just wait...
  
  We need the election now.

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