Gilt yields soar to highest level since 2008: what it means for your finances

News and analysis as spiking gilt yields threaten to derail chancellor Rachel Reeves' spending plans

UK gilt yields summary

  • UK borrowing costs have surged to the highest level since the global financial crisis.
  • Some are blaming the Autumn Budget for the rise in yields, but borrowing costs are also rising in the US in response to heightened concerns about inflation.
  • Strong US jobs data pushed gilt yields higher before surprise inflation dip reversed the trend.
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Good morning, and welcome to MoneyWeek’s live blog covering today’s big financial news: the spike in gilt yields that threatens to upend chancellor Rachel Reeves’ Autumn Budget just months after it was announced.

The background

Why are gilt yields rising?

Treasury response

Taxes to increase?

An opportunity for bond investors?

2022 all over again?

Mortgage rates could rise thanks to surge in gilt yields

What do higher gilt yields mean for the pound?

Every cloud has a gold lining?

Gilts and Treasuries joined at the hip

Are higher gilt yields good news for annuity rates?

Do higher gilt yields point towards stagflation?

Mortgage costs unlikely to fall any time soon

“We think that bonds will recover before long”

That concludes our coverage of the UK gilt market today. Thank you for following along with us. We will be back with more live analysis on markets, inflation and interest rates in the coming weeks, with a special focus on the US in the lead-up to Trump’s return to office.

Good morning, and welcome back to our live coverage of the ongoing gilt yields story.

Dan and Katie here, bringing you live coverage and analysis throughout the day.

Eyes on US jobs data as gilt yields edge upwards

A disaster in the making for Reeves?

Silver linings

Gilt yields and taxes

When is US jobs data released?

BREAKING: Gilt yields up on strong US jobs data

Yields on UK ten-year gilts have ticked up to 4.88% this afternoon, jumping from around 4.83% in the wake of that US jobs report.

Why has strong US jobs data pushed gilt yields higher?

Market strop out intensifying

Further yield increases on the way?

Bond market on the move

Gilt yield increase is “a problem, not a crisis”

Time to buy bonds?

That's all from us this week. Goodbye for now, but join us next week when we'll pick up the latest news and developments with the ongoing gilt rate story.

Gilt yields up Monday morning

Reeves issues China trade update

Rumour mill still grinding

Pound hits 14-month low

Oil prices put further upward pressure on bond yields

Annuity rates rise further

Mortgage rates edge up - will they rise further?

Yields spike sees investor gilt purchasing increase

That's all from us today. Thanks for following all our coverage of the gilt rates story as it unfolds. Stay tuned for future updates.

Reeves to address Parliament

Will Rachel Reeves be sacked?

Chancellor Rachel Reeves is expected to make a Commons statement about her visit to China after 12.30pm today, where she will no doubt face questions about the spike in gilt yields.

BREAKING: Reeves addressing Parliament

The chancellor's statement is essentially a rationale behind her decision to visit China last week, as gilt yields were spiking. Her opening speech is concentrating on the importance of the UK's trading relationship with China.

Her opening line stated that "growth is the number one mission of this Labour government".

The questions that follow, though, are likely to focus on the implications of higher borrowing costs on the UK economy and Reeves' economic policies.

Stride shifts focus to rising gilt yields

Stride finishes his opening statement by asking Reeves which of her promises she will break should the OBR judge that she has breached her fiscal rules in March.

The chancellor has reiterated her commitment to her fiscal rules. There hasn't been a direct response to the question of where she'll give way should the OBR rule in March that she's breached them.

Gilt yields touch 4.9%

What can policymakers do about higher gilt yields?

Chancellor to fast-track growth strategy announcement

Morgan Stanley: Short GBP positions highest since November

That's all on gilt yields for now. Thanks for following so far. We'll continue to follow the story here at MoneyWeek.

BREAKING: gilt yields fall on surprise inflation dip

Respite for the government

Gilt yields fall further

Bad news for the pound?

Gilt yields fall further as US inflation data lands

Government bond yields fall in US and UK

That's all from us today. Thanks for following the blog - and if you haven't already done so, pop over to our other one covering today's inflation data to get up to speed there!

Good morning, and thanks for following our gilt yields blog over the last week or so.