Global bond sell-off intensifies as US-Iran tensions stoke inflation fears

UK borrowing costs driven up, adding to challenges facing John Healey as he prepares for first budget Business live – latest updates The global government bond sell-off resumed on Wednesday, driving up the UK’s borrowing costs and exacerbating the challenges facing John Healey as he prepares his first budget. The yield – effectively the interest rate – on 10-year UK government bonds, or gilts, jumped to just below 5.3% in early trading: its highest level since mid-2008. Continue reading.