UK government borrowing costs fell sharply and the pound rallied after Jeremy Hunt said he would cut short the emergency price freeze on consumer energy bills and cancel most of unfunded tax cuts in last month’s mini-budget.
The yield – or interest rate – on 30-year UK government bonds fell by more than 0.4 percentage points on Monday after the chancellor’s statement, with a decline in borrowing costs across the board for short- and long-dated bonds.
