UK Govt Pledges To Keep Grip On Spending Ahead Of Budget

Rachel Reeves says she is trying to balance the books so that tax revenues match day-to-day spending (Credit: AFP)

Britain's finance minister Rachel Reeves on Wednesday promised to keep a "tight grip" on public spending as interest rates soar on the UK's long-term debt, and set November 26 for her annual budget speech.

The British pound tumbled on Tuesday as the yield on 30-year UK government bonds hit its highest level since 1998, with concerns growing about soaring state debt across major economies.