Gilt yields soared to levels not seen since 2008 after hotter-than-expected jobs data.
The Office for National Statistics published employment and wages data this morning, with the UK’s unemployment rate dipping to 3.8%.
Wages rose faster than expected, with average compensation up by 6.5%. That’s closer to catching up with inflation than in past months, but still below the pace of price rises.
That prompted gilt yields to rise further, reaching a level not even seen during the chaos of last year’s mini-Budget.
Meanwhile, shares started slightly higher on a day in which Ashtead, Bellway and CMC Markets among those publishing updates.
