OIL PRODUCTS: S. Korean Refiners See Slim Chance of Iranian Crude Trade: Platts

• That's short issuance in line with the median expectation at GBP110.9bln (median was GBP110.5bln)
• Medium issuance lower at GBP89.7bln (around GBP9bln lower than median GBP97.3bln)
• Long issuance GBP40.2bln (around GBP10bln lower than GBP50.8bln median)
• Linker issuance GBP30.9bln (marginally higher than median GBP30.5bln).
• The much bigger sector is unallocated: GBP27.5bln (expected only GBP16.6bln).

So medium/long issuance lower - but unallocated higher. And a large part of unallocated is likely to end up in mediums/longs - so it's not as stark as it first appears.

Chancellor of the Exchequer Rachel Reeves claims that "I said at the election that we could not simply tax and spend our way to prosperity. We need growth. So I can today confirm that the effect of our growth policies including our planning reforms means an additional £3.4 billion to support our public finances and our public services by 2029-30."

• Reeves: "after taking account of inflation the OBR say today that households will be on average over GBP500 a year better off under this government."
• Reeves finishes statement. Shadow Chancellor Mel Stride now delivering the main opposition Conservatives' response.