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“However, the government is under growing pressure to show financial markets that it has a tight grip on finances as the cost of borrowing rises.”

“Higher inflation will push up the cost of Government borrowing by around £10 billion in 2029–30, the fiscal experts estimated.”

“Weak exports leave the country dependent on remittances, foreign borrowing and periodic assistance from international lenders to finance imports and meet external debt obligations.”

“It recently touched its highest level since 2002 because of worries about high inflation, the US government’s massive debt load, signals that the US economy is continuing to grow and other factors.”

“The call was echoed by Jason Tarry, chairman of John Lewis and Waitrose, who warned the Government that a tax raid on department stores and supermarkets could trigger a wave of shop closures that would 'only harm our high streets'.”

“The Finnish government has spent more than it earns since the 2008/9 global financial crisis, partly due to an aging population and sluggish economic growth.”

“Furthermore, if financial markets doubt the path for fiscal policy, then government borrowing costs rise, he said.”

“Medium-term borrowing costs for the UK government hit a fresh 19-year high on Thursday, as investors continued to offload global bonds amid fears of rising inflation.”

“Three weeks ahead of John Healey’s budget, the Joseph Rowntree Foundation said Britain faces a “dire” outlook unless the government takes “bold policy action”.”