The cost of servicing government debt has surged, with the yield on the ten-year gilt reaching its highest level since 2008. The longer-term 30-year bond yield is also at a level not seen since 1998.
National debt is approaching £3tn, with more than £130bn annually spent on interest payments. This comes as Prime Minister Andy Burnham returned to the House of Commons.
Prime Minister Burnham outlined a "triple helix approach to economic development," involving the state, universities, and the private sector, supported by local government leaders. This includes empowering local governments to impose an "overnight visitor levy," described as "fiscal devolution."
Chancellor John Healey has invited Treasury staff, including the IT department and civil service apprentices, to submit ideas for his first Budget.