British government bond yields inched upwards on Monday as Andy Burnham is set to become the country's seventh prime minister in the last decade after being appointed leader of the governing Labour Party, replacing Keir Starmer. Gilt yields were up around 2-3 basis points across the curve and investors were pricing in one or possibly two quarter-point interest rates hikes by the Bank of England this year. The 10-year gilt yield was last at 4.9824%, up 3 bps on the day, a slightly bigger rise than seen in equivalent French, German or U.S. debt.
British government bond yields edge higher as Burnham becomes PM
British government bond yields saw a slight increase on Monday. Andy Burnham is set to become the country's seventh Prime Minister in a decade. Investors are anticipating one or two interest rate hikes by the Bank of England this year. The 10-year gilt yield rose by 3 basis points on the day. This rise was slightly larger than seen in comparable international debt.
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