Good morning. Today we're talking about the NHS at 75, rising government borrowing costs and closing train ticket offices.

Big Stories

NHS at 75

Yesterday marked the 75th anniversary of the NHS but there are growing concerns the health service won’t make it to 100 due to years of "quick fixes" by politicians according to think tanks. Analysis by Bloomberg of NHS data underscored how deep the problems run for the organisation that employs 1.2m people. Every one of England’s 533 constituencies is failing to meet at least half of eight key indicators tracked by the government, from hospital bed availability to ambulance waiting times. A fifth are meeting none. Last month the government published a 15-year workforce plan to address the staff shortages feeding into the current crisis. Meanwhile waiting lists remain at record levels and next week’s five-day junior doctor strike will be the longest walkout in NHS history.

Spiking government borrowing costs

Yesterday the government sold £4bn of gilts but only by offering a 5.668% yield, the highest rate the government has paid for debt in 16 years. Less than two years ago - before the Bank of England had started to raise interest rates, and when inflation was near its 2% target - government bonds yields were less than 1%. The government paid £110bn in interest costs alone in the year to March, twice the defence budget and up from £61bn the previous year. And according to analysts debt costs may increase further. Rates are 5% now but markets reckon there is a 50:50 chance they will reach 6.5% in the next year.

Closing ticket offices

Rail industry body, the Rail Delivery Group is proposing to close almost all manned railway station ticket offices in England. The move is expected to save the industry £200m a year, but has been met with opposition from unions and passengers' groups. Only 12% of tickets are now sold at a counter compared to 82% 30 years ago. But critics say the plan will disproportionately affect elderly and disabled passengers, who may not be able to use online or self-service ticketing systems. The RDG said ticket office staff would move on to station platforms and concourses in “new and engaging roles”. The final decision on whether to close the ticket offices will be made by the government. However, the RDG has said that it is confident that the plans will go ahead.

Elsewhere...

Unwelcome title: The UK is now the only country in the G7 group of rich nations still dealing with rising inflation, according to the OECD.

Rising bills: Water companies are likely to seek higher bills from 2025 to cover the cost of improving services, the boss of regulator Ofwat has said.

European pause: Meta's rival to Twitter called Threads is set to launch today in the US and UK, but it may not come to the rest of Europe anytime soon.

Cash rich: More than 70% of “prime central London” properties sold so far this year have been bought entirely in cash.

Loop Likes

• A practical guide to having “executive presence”

• 40 healthy weeknight dinner recipes that don't use an oven

• 7 good reasons to sell a stock

  Number Of The Day

$852bn

What the world’s 500 richest people have added to their fortunes so far in 2023.

Not a subscriber? Sign up for free

Want to reach an audience of UK business leaders, young professionals and 1,000+ other smart, ambitious people? Reply to this email and we'll be in touch.