UK borrowing costs reach 28-year peak

UK government borrowing costs reached their highest levels since 1998 due to a global bond sell-off driven by concerns over inflation and energy prices. The yield on 30-year gilts peaked at 5.89%, potentially reducing the chancellor’s budget headroom by nearly half, from £26 billion to approximately £14 billion. If these levels persist, they could impact the upcoming budget, with officials aiming to maintain at least £10 billion in fiscal space. The market turbulence stems from international factors, including rising energy costs and concerns over US deficits, influencing UK borrowing costs ahead of the chancellor’s budget presentation.

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