John Healey gave his first big speech as chancellor on Monday in Coventry, on growth in every postcode. Sky's Beth Rigby put the bond market to him straight: the global selloff has pushed Britain's long term borrowing to its highest rates since the financial crash, and markets now price two or even three quarter point rate rises within twelve months. Her line was simple, if rates go up, our mortgages go up.

The thirty year gilt touched five point seven percent on the second of September, the highest since nineteen ninety eight, and one pound in every ten the government spends now goes on debt interest. The answer was to wait for the budget on the twenty eighth of October. He would not rule out tax rises. Mayors get a share of local income tax instead of grants from twenty twenty eight, and nearly one million young Britons are not in work or education, two thirds of whom have never had a job.

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