UK borrowing costs have hit their highest level since the financial crisis as gilts were swept up in a mass rout in global bond markets.

The rate demanded by investors to buy UK debt has been driven up by persistent inflation, high borrowing levels and political instability.

UK borrowing costs have hit their highest level since the financial crisis as gilts were swept up in a mass rout in global bond markets.

Higher rates on the bonds will therefore mean that it costs UK more in order to borrow money