A week is a long time in politics, as Angela Rayner can attest, but it’s a lifetime in the gilt market. The 30-year gilt started the week with a yield of 5.61 per cent. By Wednesday morning, the yield had hit 5.75 per cent. At pixel time, it’s trading with a yield of 5.51 per cent.
Gilt yields are important. They are a baseline for the interest rates that private sector agents will have to pay on new sterling borrowing. They also feed into the national fiscal arithmetic.
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