The UK’s long-term borrowing costs have hit their highest level since 1998 as widening cracks in the premiership of Sir Keir Starmer fuel a bond sell-off that is piling pressure on the public finances.
Thirty-year gilt yields reached as high as 5.81 per cent on Tuesday after rising 0.14 percentage points, topping the level reached last week in anticipation of a disastrous set of local election results for the ruling Labour Party, before falling back to 5.78 per cent.
Benchmark 10-year gilt yields hit their highest level since 2008, rising 0.13 percentage points to 5.13 per cent, as the price of the debt fell.
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