403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Pound drops to 14-month low amid rising borrowing costs, global bond sell-off
(MENAFN) The pound sterling has fallen to its lowest point in 14 months, trading at approximately USD1.226 during early London trading, as concerns about the UK’s borrowing costs and a global sell-off in bond markets continue to unsettle investors.
This marks sterling’s weakest performance since November 2023, driven by growing unease over UK assets as borrowing costs reach historic highs.
The UK’s 10-year borrowing costs have soared to their highest levels since 2008, while 30-year bond yields have risen to their highest point since 1998.
The sharp increase in borrowing costs has heightened concerns about the sustainability of the UK’s public finances, especially as the US dollar continues to strengthen on the global stage.
In response, Shadow Chancellor Mel Stride raised an urgent question in the House of Commons, drawing attention to the mounting pressure of higher borrowing costs on the government’s fiscal outlook. The question was directed to Chancellor Rachel Reeves but answered by Darren Jones, chief secretary to the treasury, in her absence.
This marks sterling’s weakest performance since November 2023, driven by growing unease over UK assets as borrowing costs reach historic highs.
The UK’s 10-year borrowing costs have soared to their highest levels since 2008, while 30-year bond yields have risen to their highest point since 1998.
The sharp increase in borrowing costs has heightened concerns about the sustainability of the UK’s public finances, especially as the US dollar continues to strengthen on the global stage.
In response, Shadow Chancellor Mel Stride raised an urgent question in the House of Commons, drawing attention to the mounting pressure of higher borrowing costs on the government’s fiscal outlook. The question was directed to Chancellor Rachel Reeves but answered by Darren Jones, chief secretary to the treasury, in her absence.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment