Heaping pressure on incoming prime minister, 10-year government bond yields shot up to 2.78%
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Fears of a long recession and the likelihood of higher public spending to cope with the cost of living crisis has sent the interest rate on Britain’s debts soaring towards its biggest monthly rise in almost 40 years.
Ten-year UK government bond yields, which are a proxy for the effective interest rate on public borrowing – were on course on Wednesday for the biggest monthly rise since September 1986 after an increase to 2.78%.
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