10-year gilts hit 5.295% earlier today, the highest since August 2007. Just before the financial crash…
At the time of going to pixel, yields are still at 5.263%. Under Liz Truss, Labour’s favourite piñata, they reached around 5.12%. And as Guido reported, Britain paid its highest borrowing rate on record earlier this week…
Former Treasury minister and adviser to Burnham in the Makerfield campaign Lord Jim O’Neill, who has turned down a role in his government, said Burnham’s first statement Commons was:
“The last thing investors wanted to hear… gilt yields have risen by a 0.25% in one day, which is a lot. We’ve not had that since Liz Truss days… If your country is under the focus of ‘can they come up with a sensible fiscal strategy’ on a day when the markets think ‘well no, you’re not showing any sign of it’ you’re going to have a tough day…if it stays like this your mortgage rate is going up.”