Reports that the Chancellor Rachel Reeves has scrapped plans to raise income tax have sparked a sell-off in UK government bonds this morning amid fears over unfunded spending pledges.
[Subscribe to our Substack newsletter: https://channel4news.substack.com/subscribe]
Britain’s long-term borrowing costs were sent soaring as reports suggested the U-turn would leave the chancellor scrambling to fill a black hole in the nation’s finances less than two weeks before the Budget.
Yields on 30-year UK government bonds, also known as gilts, jumped 14 basis points in early trading.
——-
Get more news at our site – https://www.channel4.com/news/
Subscribe to our Substack newsletter: https://channel4news.substack.com/subscribe
Follow us:
TikTok – https://www.tiktok.com/@c4news
Instagram – https://www.instagram.com/channel4news/
Twitter – https://twitter.com/Channel4News
Facebook – https://www.facebook.com/Channel4News/
