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UK inflation for July came in line with consensus forecasts: With a monthly rate of 0.3%, annual inflation rose to 2.9%, as expected, from June’s 2.6%. Core inflation landed at 2.6%, with service inflation meeting expectations at 3.4%. Looking forward, inflation is expected to moderate as both imported and domestic cost drivers ease. #economy# #inflation# #uk# #markets#

🔊 UK Prime Minister Andy Burnham has reopened the debate over Britain’s relationship with the EU. What could closer ties with Europe mean for UK markets? Listen now on the Reuters Morning Bid podcast

The UK gilt market’s high beta is on display again today as 10-year yields surge to nearly 5.40% amid this global sell-off—and this in the run-up to the government delivering its first, highly anticipated budget on October 28. For the reasons detailed in my April Financial Times column on "who lost the UK bond market" (link below), this structural vulnerability has been building for years and now has self-feeding dynamics: sluggish productivity colliding with expanding deficits and the refinancing of debt last incurred at lower borrowing costs, making both economic growth and fiscal sustainability even harder to achieve. #economy# #uk# #markets# #debt# #bonds# #yields#

Further signs of UK fiscal pressure ahead of next month’s budget: Driven partly by higher debt servicing costs and inflation, UK public sector borrowing hit £18.3 billion in August. This came in above the £15.5 billion consensus forecast and widened the overshoot against the OBR’s projections (Reuters chart below). All of which underscores the limited fiscal headroom facing the Labour government ahead of its debut budget. #economy# #uk# #markets# #budget#