Long-term UK borrowing costs have neared their highest level this century, as worries over the country’s economic outlook combine with a rise in global bond yields stoked by Donald Trump’s battle with the US Federal Reserve.
In a move that intensifies pressure on chancellor Rachel Reeves ahead of her Autumn Budget, the yield on 30-year UK government debt rose as high as 5.64 per cent in early trading on Wednesday — its highest point for four months and just below a level last reached in 1998.
Yields later fell back to 5.59 per cent.
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