UK borrowing costs soar to highest levels since 2008

In the UK, long-term borrowing costs have surged, with the 30-year gilt yield hitting 5.89%, the highest since 1998. This rise is driven by inflation concerns and high state borrowing levels, complicating Prime Minister Andy Burnham's upcoming Budget. Similar trends are seen globally, with rising yields in the US, Japan, and Europe, reflecting investor anxiety over inflation and government debt.