UK borrowing costs have climbed to levels not seen since 1998. In market language, the bill is getting fatter. Politics, energy fears and nervous investors have all joined hands. The Treasury now has less room to move, which means the next budget may arrive already looking apologetic.
Politics
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The Ceasefire With Airstrikes
The phrase ‘ceasefire remains in place’ is doing a lot of work here. Southern Lebanon is still being hit, evacuation warnings are still being issued, and civilians are still being told danger has a postcode. A ceasefire with this many explosions around it starts to look like paperwork.