Britain’s long-term borrowing costs rose again on Wednesday amid a global bond sell-off, underlining the precarious state of the UK’s public finances.
The yield on 30-year gilts, which is the interest rate paid on government debt, rose by as much as five basis points after markets opened before stabilising around 5.7pc.
The jump comes after long-term borrowing costs hit a 27-year high on Tuesday.
Global bond markets also took a hit on Wednesday amid wider concerns about high debt levels, with Japan’s long-term borrowing costs hitting a record high.
Japan also faces the added challenge of concerns that Prime Minister Shigeru Ishiba could soon be forced to step down.
