UK 30-year gilt yields hit 5.89%, the highest since 1998, as Middle East tensions, inflation fears, and political uncertainty fuel a global bond

G7 bond yields are hitting multi-decade highs, pushing annual debt costs past $1 trillion in the US and straining budgets from London to Tokyo.

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

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

Global government borrowing costs are reaching multi-decade highs as inflation persists. Bond yields in major economies like the United States and Japan have sharply increased.…