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Aldi introduced a pay boost last week for its store assistants that will see their pay rise to at least £13.02 per hour nationwide, making it the first UK supermarket to pass the £13 mark. Within the M25, rates will start at £14.35, rising to £14.66 with length of service. All staff, regardless of age, will receive the same minimum rate – well above the new National Living Wage of £12.21.

The UK government is facing a fresh financial squeeze after long-term borrowing costs climbed to their highest level in a generation. The yield on 30-year government bonds (known as gilts) has reached 5.72% – the highest since 1998.