UK long-term borrowing costs reach 27-year high in pre-budget blow for Labour – business live

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Newsflash: British 30-year government bond yields have hit their highest since 1998, intensifying the pressure on the UK Treasury.

The 30-year gilt yield has risen to 5.672% in early trading, over the previous 27-year high set in April.

Even in orderly markets, we’re seeing a slow-moving vicious circle: rising debt concerns push yields higher, worsening debt dynamics, which in turn push yields higher again.