UK bond yields hit 19-year high on global pressures
British government bond yields reached a 19-year peak following a global sell-off driven by the Iran conflict. The rising borrowing costs have significantly reduced finance minister John Healey's fiscal headroom ahead of next month's budget.
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United Kingdom 10-year government bond yields rose to 5.294% on Wednesday morning, reaching their highest level since August 2007 amid a global market sell-off triggered by renewed conflict involving Iran. The spike in borrowing costs adds immediate pressure to finance minister John Healey ahead of his debut fiscal plan next month. Pantheon Macroeconomics estimates the jump has slashed fiscal headroom by £10.6 billion.
