The yield on 30-year UK government bonds (Gilts) surged to its highest level since the late 1990s on Tuesday, driven by economic uncertainty both domestically and internationally. Analysts attributed the rise in borrowing costs to concerns about inflation and the potential impact of Donald Trump's trade policies.
The yield on 30-year Gilts — a U.K. government bond — on Tuesday rose to the highest level since 1998.One analyst told CNBC economic concerns were dampening traders' appetite for U.K. debt.
The U.K.'s 10-year gilt yields gained 3 basis points to trade at 4.641%, while yields on the 2 and 5-year gilts were slightly higher in the early afternoon. Susannah Streeter, head of money and markets at Hargreaves Lansdown, on Tuesday said that the British bond market was affected by uncertainty both domestically and abroad.
"Gilt yields have surged sharply in recent weeks, which is bad news for the government as it stokes fears about the state of public finances," Richard Carter, head of fixed interest at Quilter Cheviot, said in a note to clients on Tuesday.
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