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UK’s borrowing costs rise as Reeves’s budget prompts fears of slower interest rate cuts! B

Markets conclude higher level of public spending could lead to higher growth and inflation, making cuts in Bank of England rate less likely

Rachel Reeves and Keir Starmer smiling while meeting members of staff

Rachel Reeves and Keir Starmer visiting a hospital in the West Midlands. Labour’s budget may require a higher than forecast issuance of government bonds. Photograph: Darren Staples/Reuters

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