Rolling coverage of the latest economic and financial news

• Rachel Reeves says she has ‘iron grip’ on finances as borrowing costs surge

UK borrowing costs are rising again this morning, despite the government’s efforts to calm the markets last night.

The yield, or interest rate, on benchmark 10-year UK debt rose by 12 basis points (or 0.12 percentage points) in early trading in London to 4.921%, the highest since 2008.