A top economic research team has pointed the finger at Rishi Sunak for wasting 11 11 billion in taxpayer money. The National Institute for Economic and Social Research said the chancellor was trapped because he failed to insure against higher interest rates a year ago for 8 895 billion in quantitative easing. Jiesh Chadha, director of Niesr, said Mr Sunak’s decisions had left the UK with “a huge bill and a lot of constant exposure to interest rate risk”, adding that it was the Treasury Department’s fault. The losses, reported by the Financial Times, will create a new headache for the chancellor as she faces scrutiny over her response to the cost-of-living crisis. The Treasury Department said: “We have a clear funding strategy to meet the Government’s financing needs, which we have set independently of the Bank of England monetary policy decisions.”

5 things to start your day with

  1. Deficiencies in steaks become apparent as fertilizer prices skyrocket: Prices have already increased by 5% over the year, but are now projected to go over the ceiling.
  2. Asia’s richest man bids 5 5 billion for Boots: Mukesh Ambani already owns the English Provincial Stoke Park in Buckinghamshire and the Hamleys toy retailer.
  3. Christine Lagarde marks the end of the era of negative eurozone interest rates: Europe interest rates are set to rise for the first time since 2011, from their current level of -0.5%.
  4. The Swedish sex toy maker abandons plans for 1 1 billion in London: Lelo will look for a buyer, blaming market volatility.
  5. Deloitte denies failing to protect former employee from bullying: Former employee says she now has mental health problems after being “harassed”.

What happened overnight

Shares of Hong Kong opened sharply this morning, with the Hang Seng index falling 1.6%. The Shanghai Composite Index fell 0.8% and the Shenzhen Composite Index in China’s second stock market fell 0.6%. Tokyo shares opened lower and the Nikkei 225 index fell 1%.

He is coming today

Corporate: There are no scheduled updates Finance: Retail Sales, PMI Services (United Kingdom). Factory orders (Germany); Consumer Credit (USA)