politics
UK Gilt Yields Rise After Makerfield By-Election and Higher Borrowing
The 10-year yield on UK government bonds increased 0.05 percentage points to 4.81 percent on Friday morning. The move followed Andy Burnham's Makerfield by-election win and the release of higher-than-expected government borrowing data for May.
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The 10-year yield on UK gilts rose by 0.05 percentage points to 4.81 percent shortly after markets opened on Friday morning. The Office for National Statistics reported higher-than-expected government borrowing for May, driven by record debt interest costs. The increase in monthly borrowing contributed to the rise in gilt yields.
The pound remained roughly flat at 1.320 versus the dollar after recovering from an earlier 0.5 percent drop. The FTSE 100 opened 0.02 percent lower at 10,397.68 points. The market reaction followed Andy Burnham's victory in the Makerfield by-election, where he defeated Reform UK's Robert Kenyon by 9,231 votes.
Labour's vote share increased by 9.61 percent from the 2024 result. Andy Burnham stated that Labour has a "final chance to change" after the result. The relatively muted market reaction indicated that traders had largely priced in the outcome.
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