Starmer’s Magic Wand? The Readout With Allegra Stratton

Jun 17, 2023

It’s a miserable Monday for past and present Tory prime ministers as Boris Johnson’s probity is voted on in Parliament this evening by his peers and David Cameron defends his disaster preparedness to the Covid inquiry. Current PM Rishi Sunak hardly gets off lightly — the average two-year fixed-rate home loan jumped above 6%.

Ahead of inflation data on Wednesday and the Bank of England’s decision on rates on Thursday, the UK’s two-year bond yield climbed to 5% for the first time since the 2008 financial crisis. As James Hirai and Alice Gledhill point out, with two-year yields up more than 140 basis points, they have surpassed the peaks reached on the fallout from then-Prime Minister Liz Truss’s mini budget.