As with an ever-receding horizon, the prospect of significantly lower interest rates seems again to have been pushed further out into the future. This might be welcome news for cash savers, who for the first time in ages are enjoying real rates of return on their money.

Rising UK borrowing costs raise risk that chancellor will have to impose tighter fiscal policy as soon as March

As any football fan knows, statements of support from the board are rarely followed by good news. As in football, so in finance, and the Treasury’s attempt to dismiss as “pure speculation” the suggestion that yields on Government debt spiking to their highest level since 2008 could put Chancellor Rachel Reeves in breach of her own fiscal rules do not seem likely to inspire confidence.

Rising gilt yields and higher debt interest sound warning that Chancellor may miss her Budget borrowing targets