Mortgage rates could soar after renewed turbulence on bond markets pushed the cost of UK borrowing to a 28-year high on Wednesday.
Yields on 30-year UK bonds, known as gilts, climbed above 5.92 per cent, the highest level since 1998, while 10-year gilt yields rose above 5.29 per cent, the highest since 2008.
Higher gilt yields add to the cost of servicing government debt, creating a headache for John Healey ahead of his Budget next month – and piling pressure on the Chancellor to raise taxes.
Experts think the volatility could feed through to borrowing in the real economy, including the rates offered
To provide well-rounded coverage and a breadth of insight across various events, we rely on contributions from several staff writers, each bringing their own area of expertise to our publication.
