The perilous economic conditions facing the UK can be traced back to Trump | Richard Partington

AI desk brief

UK fiscal and rates outlook is under pressure from the Iran/Trump shock combination: oil briefly hit $109/bbl, triggering a global bond selloff and pushing 10-year UK gilt yields to almost 5.4%, the highest in nearly two decades. The article says renewed inflation pressure and market volatility could materially tighten Chancellor Healey’s budget headroom, while the Bank of England is widely expected to hold rates this week.