UK gilt yields creep up to 2008 levels as Reeves heads to China

Back over 5% on long-term debt

The yield on 30-Year UK gilts pushed back over the 5.4% mark in early Friday (10 January) trading, as the chancellor flew out of the country on her pre-scheduled trip to China.

Chancellor Rachel Reeves was criticised for being "missing in action" as she flew to Beijing for meetings with Chinese government officials and businesses on Thursday (9 January), leaving Treasury secretary Darren Jones to face questions in parliament over surging borrowing costs and demands for spending cuts. Analysts split over Reeves' culpability in UK gilt chaos as US bonds follow suit Jones defended his boss to the Commons and told the House she would not break her promise to borrow money only for investment, or to cover day-to-day spending. Long-term yields on UK government d...