The Latest Breaking News from Rachel Reeves

Pound falls against the dollar and bond yields rise amid concerns over high UK inflation and interest rates

Markets appear to be fretting over sustainability of tax and spending plans and whether UK is heading for ‘stagflation’

Fiscal crisis, corruption claims, shenanigans and legal threats. This feels like the week old-style politics sat on a grenade, says Guardian columnist Marina Hyde

UK borrowing costs have risen rapidly to their highest level since the banking crisis of 2007-08, with implications for the government’s tax and spending plans. Yields on gilts, as UK government bonds are called, have been rising – and these yields are effectively the level of interest that the government…

The value of the pound fell to its lowest level in over a year while UK borrowing costs jumped to their highest since the financial crisis

Sir John Gieve, former Deputy Governor at the Bank of England, said the Chancellor may have to hike taxes or impose some ‘very severe reductions and squeezes’ on public services

Almost 700,000 homeowners face increase when fixed-rate deals end this year

A Cabinet minister has insisted there is no need to be worried about rising Government borrowing costs after yields on UK bonds surged to their highest level since the 2008 financial crisis.

Lisa Nandy says chancellor’s visit to China is ‘right and proper’, despite continued bond market sell-off

Plunging temperatures and high demand for gas fired power stations have reduced UK winter gas storage levels, reports Centrica

In today’s newsletter: Economic uncertainty at home and abroad is causing problems for the Labour agenda – could this risk becoming the chancellor’s mini-budget moment?