5 important things happening in the UK today

UK borrowing costs hit 27-year high: UK government long-term borrowing costs have reached their highest level since 1998, adding to the pressure on the chancellor ahead of the Budget. The interest rate on 30-year government bonds, known as the yield, jumped to 5.72%, making it more expensive for the government to borrow money. There are rising expectations that Chancellor Rachel Reeves will increase taxes in the Budget later this year in order to meet her borrowing and spending rules. [BBC]

Investors urge Reeves to cut spending: Leading bond investors have urged Chancellor Rachel Reeves to cut spending in her November Budget rather than focus solely on tax rises, after worries over mounting UK debts helped send borrowing costs to their highest level in decades. Roger Hallam, global head of rates at Vanguard, said it was “unfeasible” to get the fiscal adjustment desired by investors through tax cuts alone, arguing “some level of spending cuts” were also likely to be required. [Financial Times]

Under-16s in England to be banned from buying energy drinks: Under-16s in England will be banned from buying energy drinks such as Red Bull and Monster because they fuel obesity, cause sleep problems, and leave them unable to concentrate. Health experts, teaching unions, and dentists welcomed the ban and said it would boost children and young people’s health. It fulfils a pledge Labour included in its manifesto for last year’s general election. [Guardian]

Seven million pensioners to miss out on triple lock uplift: Nearly seven million retirees will be frozen out of the full state pension uplift in April, Telegraph analysis suggests. The “triple lock” ensures that the state pension rises each year by the highest of inflation, wage growth, or 2.5%. [Telegraph]