NEW: A global bond selloff on Iran means Andy Burnham and John Healey face higher borrowing costs and an increased likelihood of interest rate rises, posing a major challenge to their efforts to alleviate the cost-of-living The UK 10-year gilt yield is set for its biggest one-day jump since mid-May, up 15 basis points to its highest since 2008 The 30-year yield is at its highest since 1998 The odds of a quarter point Bank of England interest hike coming in November have risen to almost 70% A second hike is more than fully priced in for next March and seen as 80% likely to come by February That’s the difficult economic backdrop as Burnham tries to extend his feel-good summer in his Commons appearance today