UK government borrowing costs have risen to the highest levels since the financial market chaos triggered by Kwasi Kwarteng’s mini-budget in September, despite renewed efforts by the Bank of England to smooth over the turmoil.
The yield – or interest rate – on 10-year UK government bonds rose above 4.5% in afternoon trading on Monday, returning to the levels last seen two weeks ago, before the central bank intervened after the chancellor’s poorly received tax and spending statement.
