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03.07.25 - 18:12
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UK government bond markets rally after Starmer backs Reeves (The Guardian)
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Bond yields fall, reversing a sharp rise on Wednesday sparked by speculation over the future of the chancellor• Business live – latest updatesUK government bonds have rallied after Keir Starmer backed Rachel Reeves to remain as chancellor for “a very long time” despite lingering investor concerns over a multibillion-pound hole in Britain's public finances.The yield – in effect the interest rate – on 10-year British government bonds, also known as gilts, fell on Thursday morning to trade close to 4.5%, reversing much of the rise on Wednesday sparked by feverish speculation over Reeves's future. Continue reading......
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03.07.25 - 08:42
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Pound calm after Starmer backs Reeves, following bond sell-off – business live (The Guardian)
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Rolling coverage of the latest economic and financial news, as economists predict that Wednesday's sell-off has strengthened Reeves's positionNo 10 defends chancellor after day of bitter recriminations over welfare bill fiascoYesterday: UK bond yields rise sharply amid speculation over future of Rachel ReevesAfter a tough day yesterday, the pound is calmer in early trading.Sterling is marginally higher (+0.08%) against the US dollar today, at $1.3646, having dropped by a cent yesterday.“She and I work together, we think together. In the past, there have been examples – I won't give any specific – of chancellors and prime ministers who weren't in lockstep. We're in lockstep.”Recent weeks have shown that large parts of the parliamentary Labour Party in the UK do not have the stomach for the tough fiscal choices required in a normalised interest rate environment, amidst sluggish productivity growth, with the tax burden at an eight-decade high, and with a deteriorating demographic profile.The lac...
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02.07.25 - 17:36
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UK bond yields rise sharply amid speculation over future of Rachel Reeves (The Guardian)
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Welfare bill climbdown fuels biggest one-day hike in government borrowing costs since Liz Truss mini-budget debacleUK government borrowing costs have risen sharply amid speculation over Rachel Reeves's position as chancellor, as City investors warned Labour's welfare U-turn had blown a multibillion-pound hole in the public finances.After Keir Starmer failed initially to give his full backing to a tearful chancellor at prime minister's questions on Wednesday, the yield on 10-year UK government bonds, also known as gilts, had its biggest jump in a day since Liz Truss was in No 10, while the pound slumped. Continue reading......
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01.07.25 - 11:18
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BOE Governor Bailey Hints at Slowing Pace of QT Bond Sales (Bloomberg)
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The Bank of England is looking at the possibility of offloading fewer government bonds over the coming year than the current £100 billion ($138 billion) annual run-off rate amid questions about market demand for longer-dated government debt, Governor Andrew Bailey said....
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