Long-term borrowing costs in the UK reached their highest level since 1998 on Tuesday, as concerns over the country’s economic outlook combined with a global move higher in bond yields.
In a move that adds to pressure on chancellor Rachel Reeves ahead of her autumn Budget, the yield on the 30-year gilt rose 0.03 percentage points on Tuesday morning to 5.67 per cent. Bond yields rise when prices fall.
UK borrowing costs are among the highest in the G7, thanks to the UK’s persistent inflation and rising public debt.
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