UK borrowing costs have spiked amid a global bond rout – just as Andy Burnham stood by his notorious assertion that Britain should be less ‘in hock’ to bond markets.
Yields on ten-year UK bonds, known as gilts, leapt from 5.24 per cent to 5.35 per cent. Bond yields rise as their prices fall. It was the biggest one-day jump in three weeks.
Jitters on bond markets partly reflect nerves over Mr Burnham’s spending plans. Ten-year gilt yields were under 5 per cent just before he became PM and have since touched levels not seen since 2007.
But the moves also reflect global
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