Yield on 30-year gilts reaches a 27-year high after Downing Street reshuffle

Yield on 30-year gilts reaches a 27-year high after Downing Street reshuffle

Rolling coverage of the latest economic and financial news

Yields on 30-year UK bonds, known as gilts, leapt to just below 5.7 per cent, the highest level since 1998 in the wake of a reshuffle seen as sidelining Rachel Reeves.

The interest rate on UK 30-year bonds hits the highest since 1998 as concerns over the economic outlook continue.

Borrowing costs also rise to ‘complicate matters enormously’ ahead of make-or-break Budget

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.

A spike in long-term borrowing costs, concerns over the forthcoming Autumn Budget and political instability — it's just another normal week for the U.K.