1998

Bond yields soar and pound falls against dollar as investors brace for potential Labour leadership changeBusiness live – latest updatesUK politics live – latest updatesLong-term UK borrowing costs have soared to the highest level in nearly three decades while the pound and stocks fell, as investors braced for a potential change of leadership, with cabinet ministers urging Keir Starmer to quit.Starmer is consulting colleagues before a crunch cabinet meeting on Tuesday morning that comes after ministerial aides quit and more than 70 MPs publicly called for him to go. Continue reading...

Rise in bond yields due to fuel prices and stability concerns will eat away at Rachel Reeves’s fiscal headroomBusiness live – latest updatesThe UK government’s long-term borrowing costs have hit their highest level since 1998, amid rising fuel prices and concerns about political stability.The yield – effectively the interest rate – on 30-year UK government bonds (gilts) hit 5.76% at lunchtime on Tuesday, up 0.11 percentage points – exceeding the 27-year high reached last autumn. Continue reading...