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UK Borrowing Costs Rise After Labour Leadership Speculation
Government bond yields have increased following reports of potential changes in the Labour Party leadership. Conservative analysis estimates that sustained higher yields could add £5.4 billion to borrowing costs over five years.
May 18, 6:55 PM·1m read1 source
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Yields on 10-year gilts have remained above 5 per cent in recent sessions, according to market data cited in the report. Shadow Chancellor Sir Mel Stride is scheduled to deliver a speech in Westminster highlighting the rise in yields. He is expected to link the increase to speculation surrounding Greater Manchester mayor Andy Burnham's potential return to Parliament.
New analysis from the Conservatives states that if the yield spike observed last Friday persists for five years, the additional borrowing cost would total £5.4 billion. The figure represents nearly £300 per working family. Yields rose again on Monday before easing below Friday's levels.
He cited his record in Greater Manchester, where public finances remained "rock solid" while the local economy grew at 3 per cent.
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