Long-term UK government borrowing costs briefly rose above 6 per cent today, reaching their highest level since 1998 amid a fresh global sell-off in government bonds driven by concerns over public borrowing and inflation.
The yield on the 30-year gilt rose to 6.028 per cent, while the benchmark 10-year yield climbed to 5.51 per cent, a near 20-year high. Both reversed their sharp increases during afternoon trading and fell back.
Yields on gilts, which are UK government bonds, move inversely to prices. The latest rise came as investors around the world sold long-dated government debt, pushing yields to multi-decade highs once again.
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