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The Guardian - UK
The Guardian - UK
Business
Phillip Inman

More pain for Reeves as government borrowing cost nears 27-year high

United Kingdom Rachel Reeves Charlie Bean Jagjit Chadha Liz Truss Mohamed ElErian Bank of England
Rachel Reeves
A debt auction is due to go ahead this week to raise £5bn. Photograph: Murdo MacLeod/The Guardian

The cost of UK government borrowing has jumped to near a 27-year high, piling pressure on Rachel Reeves to reveal how she will tackle the deficit in the public finances before the autumn budget.

The yield, or interest rate, on the UK’s 30-year bond rose by eight basis points (0.08 of a percentage point) on Tuesday to 5.62%.

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