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Story summary
- Labour Chancellor John Healey delivered his first budget amid volatile markets and soaring energy prices.
- 30-year UK bond yields rose to 6%, the highest level since 1998.
- Barclays increased mortgage rates this week, attributing the move to pressure from the bond market.
- Senior Labour insiders said the budget lacked detail on growth, investment and tax policy.
- Treasury introduced “black box” leak controls and hired chief adviser Neil Amin-Smith from No 10.