Bank of England compares collapse of US private credit firms to 2007 subprime crisis - business live

Governor Andrew Bailey says it’s an ‘open question’ if collapse of First Brands and Tricolor is merely idiosyncratic or “the canary in the coalmine”.

• UK borrowing reaches five-year high for September at £20.2bn

• ‘I’m having a great day’: AWS outage offers some a brief glimpse of a tech-free existence

The pound has dipped slightly on the back of the jump in UK borrowing.

Sterling is a little lower against the US dollar this morning, at $1.3395.

Overall, today’s public finance figures in the UK suggest that 1) there are deep set financial problems in the UK, and 2) the November budget is now virtually assured to be painful for all, without public sector spending consolidation.

“This Government will never play fast and loose with the public finances.

“We know that when you lose control of the public purse it’s working people who pay the price.