Borrowing costs soar to highest in decades, leaving Prime Minister facing £14bn Budget shortfall Daily Telegraph 01/09/26 Andy Burnham’s Commons debut as Prime Minister on Tuesday was overshadowed by a market rout that sent borrowing costs to their highest in decades. Addressing MPs for the first time since entering No 10, Mr Burnham claimed that “life is too expensive and too hard for too many”, blaming Brexit and Margaret Thatcher for “low growth and stalled regeneration”. Pledging to bring back hope to Britain , the Prime Minister said he would deliver “much more substantial change” to the economy to reduce household bills. However, he now faces a shortfall of up to £14bn in his autumn Budget following a surge in gilt yields, which will squeeze his plans for higher spending. Britain’s borrowing costs have risen at one of the fastest paces in the world, with interest rates on 10-year gilts, a benchmark for the Treasury, reaching their highest level since 2008. The cost to bor...