News Summary

• Bruising brushes with financial markets have been the fate of Labour “down the ages” The 30-year gilt yield, which hit 5.81% on Tuesday, is at the highest this century.
• Yields on 10-yeargilts (the benchmark for mortgage rates), at 5.13%, are at their highest since 2008.
• Any leadership challenge is “all but certain to herald a move to the left and potentially an increase in government borrowing”.