Bank chief warns against ‘exaggerating’ rise in UK borrowing costs

Andrew Bailey, governor of the Bank of England, appearing before the Treasury select committee on 3 September. Photograph: House of Commons/UK Parliament/PA

The governor of the Bank of England has cautioned against “exaggerating” the impact of a steep rise in the UK’s long-term borrowing costs, which he said was part of a global trend.

Andrew Bailey told MPs the Treasury had continued to borrow at the same interest rate for most of the year despite a rise in the rate on 30-year bonds to a 27-year high.