The yield on U.K. 20 Year Gilts has risen above 6% for the first time since 1998. Last week it was 30-year yields…
The yield currently sits at 6.03%. The cost of borrowing crisis is not letting up…
UK 10 Year yield is now also at 5.527%, the highest since 2007.
The sitting French finance minister Roland Lescure told the BBC this morning:
“British people decided, and that’s obviously their 100% right, and if they’re willing to come back, they will have to decide… But what I can tell them is: come back, anytime.”
France is in the throes of a supermassive debt crisis. Its bond yields are at the highest level in decades and the spread between French and German yields are at levels so alarming that onlookers fear a wider eurozone crisis is on the way. Good luck to the European Central Bank, which may need to start buying up bonds in large quantities…
The graph above is the spread between French and German 10-year bond yields. Good luck to France, which is enjoying watching schools get smashed up while public debt load nears 120% of GDP and no one can pass a €54 billion austerity package…
The euro has dropped 4% against the dollar since September. Despite the claims of some pro-Rejoin commentators Britain would be forced to sign up to euro accession in any rejoin situation. Burnham is off to meet struggling German Chancellor Friedrich Merz today to talk up ‘closer ties’ with the EU which could include informal talks on how the PM might force Britain back in. Out of the frying pan…
New figures from the Office for National Statistics show that total UK debt is at £2.985 trillion. A hair’s breadth of the £3 trillion mark…
Borrowing was higher than OBR forecasts at £1.8 billion in July, up £0.7 billion on the same month last year. Self-assessed income tax was collected last month and total receipts reached £17.1 billion, £1.7 billion higher than last year. The Treasury is still borrowing above forecasts…
John Healey said:
“Fiscal discipline is the bedrock of our UK economic stability and national security which is why we are committed to meeting our fiscal rules, with a buffer against global uncertainties.
We are cutting the deficit faster than any other G7 economy, while giving people a bit of breathing space with cost of living pressures and focusing support to get young people into work.”
Mel Stride has released a video on what it means for debt to reach £3 trillion and how much the UK is spending on servicing its debt. Borrowing is taxation deferred…
For the first time ever the national debt is increasing by over £500 million per day. £5,904 per second…
The complete figure – on the TaxPayers’ Alliance Debt Clock tracker – now sits at £510,136,704. Despite BBC spin about last month’s borrowing coming in below expectations government borrowing exceeded even the OBR’s expectations in 2025 at a total of £140.4 billion. The moron premium also taking effect on yields…
The latest Adam Smith Institute research now predicts that public debt will reach 330% of GDP by 2075. Borrowing is taxation deferred…
Maybe this is something Rachel Reeves can look at now she has been taken off the PM’s China trip at the last minute. Only Peter Kyle and City minister Lucy Rigby will be joining Starmer…
Rachel Reeves has, now that she’s arrived in Washington, confirmed she’s rewriting the calculation of UK debt to borrow more money. This will be done by including government assets in the debt measurement. Reeves is giving herself space to borrow something like £50 billion and still claim that debt is falling in five years…
Meanwhile companies are liquidating themselves at a high rate and 10-year gilt yields have hit their highest level since Labour came to power. Maybe that’s because Reeves last year specifically ruled out changing the Tory government’s latest debt metric:
“I’m not going to try to fiddle the figures or make something different to get better results. We will use the same models the government uses.”
The “Iron Chancellor” strikes again. All eyes on the markets now…
Former Labour leader Neil Kinnock was asked if Burnham will take Britain back into the EU:
“Yes, sure – his commitment is authentic. He really does understand from the grassroots up why restoring what I think of as normality in our continent is vital for every party economically, politically, culturally, in terms of security, and he’s able to articulate it in language that people can understand. So yeah, he is definitely”.