The UK’s long-term borrowing costs have hit their highest level since 1998, as a bond sell-off threatens to wipe out the “headroom” chancellor Rachel Reeves has under her recently overhauled fiscal rules.
The yield on the 30-year gilt touched 5.25 per cent on Tuesday, pushing past a previous peak in October 2023 and eclipsing levels reached during the height of the market fallout from Liz Truss’s ill-fated “mini” Budget the previous year.
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