10-year gilt yields have climbed to 5.41% this morning and 30-year gilts up to 5.93%. Gilts are taking a heavier beating than most continental bonds, outpacing the overnight moves in Japan and the selloff in US Treasuries. Oil is now above $100 a barrel after Houthi attacks on Saudi shipping in the Red Sea. Traders are pricing in as many as four rate rises over the next few months, although the Bank of England is expected to hold once again at 3.75% on Thursday. For now…
Mail commentator Dan Hodges – who was kind to Burnham during the Makerfield campaign – now concludes: “The truth is Andy Burnham doesn’t have a 10 year plan. He’s barely got a 10 week plan.“