Hunt rules out mortgage support or food price caps; Mortgage ticking time bomb is ‘now exploding’ – as it happened

Jeremy Hunt faces calls to introduce mortgage interest tax relielf from Conservative MPs at Treasury Questions, and rules out price caps on food

• Pay rises and warm weather drive surprise rise in Next sales
• Grocery inflation in Great Britain eases to 16.5% but remains high
• UK economy in growth doom loop' after decades of underinvestment

In the financial markets, Britain's short-term borrowing costs have nudged up to a 15-year high.

The yield (or interest rate) on UK two-year government bonds rose to 5.088% this morning, a day after hitting 5% for the first time since 2008.