The prime minister faces new challenges ahead of his government’s budget in October as the cost of borrowing for governments across the world reaches a new high.

UK 10-year gilt yields hit 5.21%, the highest since 2008, piling pressure on the Burnham government ahead of its first Budget on October 28.

The prime minister faces new challenges ahead of his government’s budget in October as the cost of borrowing for governments across the world reaches a new high.