Government borrowing costs lifted higher and the value of the pound weakened amid caution from City traders ahead of John Healey’s appointment as the next Chancellor of the Exchequer. It meant the cost of UK state borrowing had risen to its highest level for around two months. As the new Prime Minister started to make appointments for his first Cabinet, Rachel Reeves confirmed she had left the role of chancellor. Growth remains weak, state borrowing is elevated, the national debt is at its highest level since the 1960s and the labour market faces continued pressure. The new Chancellor will have to digest a raft of fresh economic data this week, including the latest UK inflation and state borrowing figures.