Wednesday evening news briefing: Borrowing costs surge to Truss-era highs

Good evening. Government borrowing costs have surged back to levels last seen under Liz Truss’s ill-fated premiership after markets were spooked by stronger than expected core inflation in Britain.

Borrowing costs surge back to Truss-era highs after inflation shock

Experts have warned that the biggest drop in inflation so far this year is masking bad news for the economy. 

Melissa Lawford reports that analysts have been blindsided by soaring core inflation and much higher than expected food prices – meaning interest rates will need to rise even higher and the Government’s hope of halving inflation this year appears increasingly at risk. 

Follow the latest news on our Business live blog.

Boris Johnson’s allies threaten to trigger by-elections over new Covid rule-breaking row

Boris Johnson’s allies are threatening to trigger three by-elections over his referral to police about alleged Covid rule-breaking, The Telegraph understands. 

Ben Riley-Smith details which MPs could leave their seats earlier than expected. 

And Christopher Hope reports that senior Tories have complained that right-wing Conservatives are being pursued in a Whitehall “witch hunt” led by a “blob” of civil servants.

Braverman will not be sacked over speeding fine row

Suella Braverman will remain Home Secretary after Rishi Sunak decided not to sack her, concluding she had not breached the ministerial code in her handling of a speeding fine. 

Camilla Tominey writes that the Home Secretary kept her job because Mr Sunak could not afford to go to war with the ERG.

Evening Briefing: Today’s essential headlines

UK car industry | The boss of Jaguar Land Rover owner Tata is expected to fly to London next week to announce that Britain has won a battle with Europe to host its electric car battery plant.

  • Bedfordshire police | Senior officer honoured by late Queen in court on rape and revenge porn charges
  • Madeleine McCann | Investigators clear undergrowth to search suspect’s ‘little paradise’

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