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Britain’s long-term borrowing costs rose to their highest level since the late 1990s on Tuesday as investors grew concerned about the threat of stagflation.
The yield on 30-year government bonds has hit a century-high of 5.21%, ahead of the outcome of a £2.25bn long-term bond auction later today.
The rise has pushed yields above their previous peak in October 2023, and above the level reached in 2022 at the height of the market fallout from Liz Truss’ ill-fated ‘mini’ budget. Ta.
Investor concerns about Britain’s outlook come amid a global slide in government debt in recent months, partly due to concerns that US President-elect Donald Trump’s tariff plans will lead to inflation.
This is a developing story