The UK’s borrowing costs soared to their highest level since 2008 on Friday amid growing fears of an inflation shock, as the economic hit from the Middle East war mounted.
Ten-year gilt yields, a benchmark for long-term government borrowing costs, surged to 5 per cent, deepening a three-week long rout in bond markets as traders raised bets on interest rate rises from the Bank of England.
On a day that laid bare the growing risks to the economy, lenders pulled mortgage deals and households were warned to expect a 20 per cent increase in energy bills from July.
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