Gilt yields are back up to levels last seen when the Chancellor of the Exchequer cried last week. The rise in borrowing costs then was widely interpreted by the media as an indication that Reeves is now “unsackable”…
10-year gilt yields have hit 4.66% today – the same level seen at lunchtime last Wednesday when speculation around the Chancellor’s position was rife after her visible emotions at PMQs. We’re back in tear territory…
The OBR is today warning in its risks report that Labour U-turns are damaging the UK fiscal position and is spelling out a stark future for public finances. 20-year gilts are in the same region as last week and long 30-year yields have actually surpassed levels seen last week. Is Reeves sackable again now?
Speaking to Sky News off the back of Rachel Reeves’ Air Passenger Duty hike, Ryanair chief executive Michael O’Leary said:
“Labour is dependent on those Red Wall seats, and yet every move she makes poisons economic growth and damages the UK’s recovery… it’s the Chancellor who stumbles from policy misstep to policy misstep… I think her policy decisions are incredibly stupid.”
