UK borrowing costs hit 27-year high adding to pressure on Reeves

Long-term UK government borrowing costs rise to 27-year high, adding pressure on Chancellor Rachel Reeves as concerns over economic outlook and global bond yield increases persist. Expectations are mounting that taxes may be raised in the upcoming Budget to improve government finances. The interest rate on 30-year government bonds hit 5.698%, the highest in 27 years, while the pound dropped over 1% against the dollar in currency markets.