Here's something that should make fiscal watchers pause.

The spread between UK borrowing costs and those of other developed nations? It's not narrowing. Actually, it's doing the opposite—getting wider by the day.

What we're witnessing is the "UK premium" becoming a permanent fixture in bond markets. This isn't some temporary blip. Markets are pricing in a persistent risk that's unique to Britain's fiscal position.

And here's the kicker: higher debt servicing costs mean less room to maneuver when budget time rolls around. Every basis point matters when you're already walking a tightrope.