UK long-term government borrowing costs have continued to surge higher, hitting fresh 27-year highs, while the pound remained under pressure despite Downing Street’s assurances over the Chancellor’s position.
The yield on 30-year UK government bonds – also known as gilts – reached a new high not seen since 1998 on Wednesday morning, at 5.746% at one stage, up from 5.698% at Tuesday’s market close.
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