Bank of England urged to slow bond-selling plan to help cut record UK borrowing costs

Britain’s long-term borrowing costs have hit their highest level in 27 years, intensifying the pressure on chancellor Rachel Reeves before her 26 November autumn budget. Photograph: John Michaels/Alamy

Andrew Bailey has been urged by former Bank of England policymakers to ease pressure on the government’s borrowing costs by cutting back its bond-selling plans.

In a crunch week for the economy, four influential ex-members of the Bank’s monetary policy committee (MPC) said a change in course was needed.