UK borrowing costs hit 28-year-high as City braces for Burnham challenge

The FTSE 100 was up on Wednesday despite concerns over the US government shutdown (Alamy/PA) -

Britain’s long-term government borrowing costs jumped to their highest level for 28 years as City traders braced for a potential Labour leadership challenge from Andy Burnham.

The pound is also on track for its worst week since 2024 amid growing concern over political instability.