UK Pays Most Since 1998 to Borrow After Gilt Selloff

The UK paid its highest borrowing costs since 1998 on a debt sale, with the Treasury paying 5.82% to borrow £4bn in a 30-year bond auction amid a global bond retreat and sell-off ahead of the budget, threatening fiscal headroom.

• The UK paid the highest borrowing costs on a debt sale since at least 1998.
• Global bond retreat sent yields surging ahead of the upcoming budget.
• The UK Treasury paid 5.82% on a £4bn 30-year bond issue.
• High yields threaten to reduce the chancellor's budget headroom significantly.