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Evening Standard
Evening Standard
Politics
Nicholas Cecil

Reeves faces crisis as Trump’s tariffs send cost of government borrowing soaring in blow to her Budget plans

Donald Trump Rachel Reeves United States United Kingdom China Bank of England

Rachel Reeves faced a growing public finances crisis as Donald Trump’s tariffs sent the cost of UK government borrowing soaring.

British 30-year government bond yields surged to their highest since May 1998 on Wednesday, following a sharp rise in 30-year US Treasury yields driven by the US President hitting China with 104% tariffs.

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