Pound slumps as government borrowing costs highest since 2008 The value of the pound slid to its lowest level for nine months after government borrowing costs surged further.
US Treasury yields also moved firmly higher on Wednesday, with the 10-year Treasury yield lifting to 4.69% – its highest since April last year.
The cost of longer-term borrowing also continued to rise, with the yield of 30-year gilts striking their highest level since 1998.
The yield on the benchmark 10-year UK gilt, which reflects the cost of government borrowing, climbed by roughly 12 basis points to a peak of 4.81%.
Globally, there has been a wider sell-off in government bonds in recent months in the face of worries that US President-elect Donald Trump could introduce a tariff policy which would be inflationary for many international economies.
