Andrew Bailey’s remarks to MPs about the rise in the 30-year bond yield will bring some relief to the chancellor

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

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.

Andrew Bailey’s remarks to MPs about the rise in the 30-year bond yield will bring some relief to the chancellor