Core Insights - The tension in the UK bond market has eased due to the Labour Party's significant concessions on welfare reform policies, yet the British pound continues to weaken [1] Group 1: Market Reactions - The UK government has made substantial concessions in the welfare bill following strong opposition from Labour Party MPs, indicating a potential rise in future taxes [1] - The reasons for the pound's weakness have shifted from concerns over "sovereign risk premium" to a more common macroeconomic narrative of tightening fiscal policy versus relatively loose monetary policy [1]