{"id":274453,"date":"2025-09-03T00:00:26","date_gmt":"2025-09-02T23:00:26","guid":{"rendered":"https:\/\/www.newsisc.com\/videos\/how-serious-is-the-rise-in-government-borrowing-costs-itv-news\/"},"modified":"2025-09-03T00:00:26","modified_gmt":"2025-09-02T23:00:26","slug":"how-serious-is-the-rise-in-government-borrowing-costs-itv-news","status":"publish","type":"post","link":"https:\/\/www.newsisc.com\/videos\/how-serious-is-the-rise-in-government-borrowing-costs-itv-news\/","title":{"rendered":"How serious is the rise in government borrowing costs? | ITV News"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/i3.ytimg.com\/vi\/rXsjhpT6Q8Y\/hqdefault.jpg\" alt=\"How serious is the rise in government borrowing costs? | ITV News\"><br \/> <iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/rXsjhpT6Q8Y\" frameborder=\"0\" allowfullscreen><\/iframe> <\/p>\n<p>The UK government&#8217;s borrowing costs have soared to a 27-year high, ramping up pressure on the chancellor ahead of the autumn budget.<\/p>\n<p>The interest rate on 30-year government bonds, known as the yield, jumped to 5.698% on Tuesday &#8211; the highest level since 1998.<\/p>\n<p>This means it costs more for the government to borrow from financial markets.<\/p>\n<p>The pound also tumbled as the bond sell-off intensified, falling more than 1% against the US dollar.<\/p>\n<p>Reeves is seeking to fill an estimated \u00a351 billion black hole, with concerns that the Chancellor will be forced to hike taxes and slash spending to balance the books ahead of the autumn budget.<\/p>\n<p>Government bonds have also been under pressure globally, with yields rising across the US and Europe.<\/p>\n<p>On Monday, the first day back for MPs after the summer break, Prime Minister Sir Keir Starmer announced a major shake-up of his Downing Street operation after a challenging summer for the government.<\/p>\n<p>As part of the reshuffle, Reeves\u2019 former number two in the Treasury, Darren Jones, was made Prime Minister\u2019s chief secretary, while James Murray will replace him as Treasury chief secretary.<\/p>\n<p>Without commenting on specific market movements, Starmer\u2019s spokesman said: \u201cOur ironclad commitment to our robust fiscal rules remain.<\/p>\n<p>\u201cYou\u2019ll have seen since this government took office that we have taken the necessary decisions to stabilise the public finances, drive growth.<\/p>\n<p>\u201cOur fiscal strategy has been backed by the IMF and others, and our approach has helped interest rates to be cut five times since the election, which is the best way to bring borrowing costs and inflation down.\u201d<\/p>\n<p>Neil Wilson, UK investor strategist at Saxo Markets, said: \u201cThe market move was a sign that investors do not have confidence the Treasury will stick to its strict borrowing rules.<\/p>\n<p>\u201cThirty-year yields at their highest in almost three decades are not a good look for the Labour government, and underscore that there is little fiscal or economic credibility left.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UK government&#8217;s borrowing costs have soared to a 27-year high, ramping up pressure on the chancellor ahead of the autumn budget. The interest rate on 30-year government bonds, known as the yield, jumped to 5.698% on Tuesday &#8211; the highest level since 1998. This means it costs more for the government to borrow from [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":274454,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[128812],"tags":[134126,133902,129311],"actors":[],"class_list":["post-274453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-itv-news","tag-borrowing","tag-costs","tag-governments"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How serious is the rise in government borrowing costs? | ITV News | News ISC Videos<\/title>\n<meta name=\"description\" content=\"Watch How serious is the rise in government borrowing costs? | ITV News for free, here on News ISC. 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