Britain’s 30-year government bond yield rose above 6% on Wednesday, reaching its highest level in 28 years as global debt markets sold off.
The move added pressure on the UK government just weeks before a major budget presentation.
Borrowing costs are rising across developed markets
Long-term U.S. Treasury yields and European government-bond yields also climbed as investors reassessed inflation risks, high public borrowing and the impact of elevated energy prices.
Britain’s 10-year gilt yield moved toward levels last seen before the global financial crisis, increasing the cost of financing for the government and households.
The selloff highlights how fiscal credibility and inflation expectations have become central market risks again after years of unusually low interest rates.
Sources
- UK Debt Management Office / market data
- Reuters, Oct. 7, 2026
