{"id":2714,"date":"2025-09-02T12:06:06","date_gmt":"2025-09-02T12:06:06","guid":{"rendered":"https:\/\/menamagazine.com\/?p=2714"},"modified":"2025-09-02T12:06:06","modified_gmt":"2025-09-02T12:06:06","slug":"uk-borrowing-costs-hit-27-year-high-adding-to-pressure-on-reeves","status":"publish","type":"post","link":"https:\/\/themena.com\/index.php\/2025\/09\/02\/uk-borrowing-costs-hit-27-year-high-adding-to-pressure-on-reeves\/","title":{"rendered":"UK borrowing costs hit 27-year high adding to pressure on Reeves"},"content":{"rendered":"\n

Long-term government borrowing costs in the UK reached their highest level since 1998 on Tuesday, adding to the pressure on the chancellor ahead of the Budget.<\/strong><\/p>\n\n\n\n

The interest rate on 30-year government bonds, known as the yield, jumped to 5.698%, its highest level for 27 years, as worries grew about the state of the government’s finances.<\/p>\n\n\n\n

There are rising expectation that Chancellor Rachel Reeves will increase taxes in the Budget later this year in order to meet her financial rules.<\/p>\n\n\n\n

On the currency markets, the pound also fell more than 1% against the dollar on Tuesday morning.<\/p>\n\n\n\n

Government bonds have been under pressure globally for a number of months, in part due to volatile US trade policy.<\/p>\n\n\n\n

The yield on 30-year UK government bonds – known as gilts – has been rising for some months, and this adds to the cost of UK government debt due to higher interest payments.<\/p>\n\n\n\n

Government forecaster the Office for Budget Responsibility (OBR) takes borrowing costs into account when looking at whether the chancellor is meeting her self-imposed fiscal rules.<\/p>\n\n\n\n

When she became chancellor, Reeves set out two rules for government borrowing – that day-to-day spending would be paid for with government revenue, which is mainly taxes, and that debt must be falling as a share of national income by the end of a five-year period.<\/p>\n\n\n\n

Part of the reason Reeves is under pressure is that her financial buffer to stick to these rules is a relatively slim \u00a310bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

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