Borrowing costs are climbing sharply, and the consequences are being felt beyond Downing Street. Rising gilt yields affect the savings of millions of ordinary people.
When Labour won the general election Rachel Reeves promised 'a new era for economic growth'. Growth, she vowed, was her 'number one mission'. Today, that promise lies in tatters.
Labour's National Insurance jobs tax came into force yesterday - a damaging move that penalises work, imposes a £25billion burden on employers and will make the country poorer.