There is no escaping the reality that it has been a gruelling week for Chancellor John Healey.
As he sat down with fellow finance ministers in Asheville, North Carolina, bond yields across the globe popped and the interest rate return on British ten and 30-year gilts hit the highest level among the G7 richest nations.
It is no longer credible to claim that what happened back in 2022, when Liz Truss was prime minister, is to blame for the UK still being an outlier.
The exorbitant cost of borrowing for the Government, up to £135billion in the current fiscal year, has led to speculation that its growth mission will be thrown off course and the Budget on October 28 will be harsh.
As much as £12billion to £14billion of headroom, spare capacity for current spending on the Government’s books, has been eaten up by higher borrowing costs.
