Borrowing costs have already jumped this morning, with 10-year gilt yields climbing from 4.49% to 4.53%. Reeves hasn’t even left Number 11 yet…
Meanwhile Downing Street fixer Darren Jones was on the airwaves this morning to defend the upcoming Binfire. He insisted on Sky News that it wasn’t about saving Starmer’s job:
“No, no. We’ve got another three years, probably another three Budgets to go until the 2029 election. This is a Budget dealing with the public’s concerns and the world as we find it. The Chancellor’s made no secret of the fact this is a challenging Budget because of what’s going on, whether it’s on the cost of government debt or changing global tariffs and trade and the economy and those types of issues.”
A reminder: the ‘phase 2’ reshuffle was all about getting Number 10’s fingerprints on this Budget…
