Government borrowing costs are hitting record highs, straining budgets and pushing up everything from mortgages to business loans. With UK gilts soaring past 5.85% and US yields nearing 18-month highs, the annual interest bill could exceed $135 billion—more than defense spending and nearly matching education funding. This ripple effect hurts consumers and businesses alike. Meanwhile, public sector pay is surging while private jobs shrink, adding pressure on already stretched finances. A potential fix? Reform’s proposal to adjust welfare payments using the consumer price index instead of average earnings could save billions annually—and it’s a smart, politically viable solution any major party might adopt to ease long-term fiscal strain.
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