UK government borrowing costs have risen above the levels hit during Liz Truss’s disastrous premiership, after stronger than expected jobs and pay figures reinforced expectations that the Bank of England will raise interest rates next week.
Andrew Bailey, the Bank’s governor, said inflation was “taking a lot longer” than hoped to come down, telling the House of Lords economic affairs committee: “As I’m afraid this morning’s numbers illustrated, we’ve got a very tight labour market.
