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

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Lisa Nandy, the UK culture secretary, has tried to provide some reassurance about rising gilt yields this morning.

She told BBC Radio 4’s Today programme:

“This is a global trend that we’ve seen affecting economies all over the world. Rates rise and fall.

We’ve seen it, most notably in the United States, but we are confident that we’re taking both the short term action to stabilise the economy, but also the long term action that is necessary to get the economy growing again.”

“I don’t think we should be worried... We are still on track to be the fastest growing economy, according to the OECD, in Europe.”

There remains clear concern over the likelihood that all of the Chancellor’s fiscal headroom has now been eaten up by the sell-off in Gilts, and the anaemic nature of UK economic growth.