Ministers are struggling to cool alarm after interest rates on UK gilts rose again this morning, having spiked to 27-year highs yesterday.

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.

Rachel Reeves' grip on her position as Chancellor of the Exchequer looks ever more tenuous thanks to the Prime Minister's cackhanded economic reshuffle.

Ministers are struggling to cool alarm after interest rates on UK gilts rose again this morning, having spiked to 27-year highs yesterday.

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.

Rachel Reeves has come under pressure after soaring borrowing costs reach 27-year highs

“Self-defeating” tax rises and persistent inflation are to blame for the recent surge in Britain’s borrowing costs, Rachel Reeves has been warned.