The UK pound has fallen to its lowest in nine months as government borrowing costs soar, reaching their peak since the 2008 financial crisis. Economists warn that rising borrowing costs may lead to tax increases or spending cuts as the government prepares to meet its borrowing targets. Shadow Chancellor Mel Stride criticizes the government’s fiscal strategy, while analysts suggest current trends in borrowing costs could affect funding for Labour’s promises. The government’s independent forecaster is set to update its borrowing forecasts next month.