The yield on 30-year UK government bonds surged back up close to 28-year highs and the pound was down as much as 0.4 per cent against the US dollar amid political turmoil.

More than 70 Labour MPs have called on Keir Starmer to resign.

The possibility of a change of leadership in the UK has unsettled some investors and sent bond yields higher.

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British government bonds, stocks and sterling fall

The yield on 30-year UK government bonds surged back up close to 28-year highs and the pound was down as much as 0.4 per cent against the US dollar amid political turmoil.

Shortly after 8:00 a.m. in London, the yield on the benchmark 10-year gilt traded more than 1 basis point higher at 5.114%.

Bond vigilantes also sold gilts en masse, with UK government bond yields rising due to Andy Burnham's announcement.

Traders fear a new left-leaning U.K. government led by Andy Burnham would challenge the country's fiscal discipline.

Les taux obligataires britanniques ont décollé ce vendredi, le maire de Manchester, Andy Burnham, s'étant ouvert la voie pour éventuellement disputer à Keir Starmer le poste de…

UK government borrowing costs jump amid political uncertainty and oil price rise that fuelled inflation worries

La posibilidad de que Andy Burnham se convierta en primer ministro es vista como un riesgo por los operadores, que temen que pueda aumentar el gasto público.

The pound tumbled and the cost of Government debts soared on Friday, with economists predicting the pressure will continue throughout a likely Labour leadership contest.