UK 30-year gilt yields hit 28-year high amid global bond selloff

British 30-year gilt yields have surged to their highest level since January 1998, reflecting a broader global decline in bond markets. The spike is driven by persistent inflation concerns and substantial government borrowing, which have heightened anxiety among international bond investors.

As UK Finance Minister John Healey prepares to announce his budget on October 28, 2023, market analysts are forecasting an additional £15 billion in public borrowing over the coming fiscal years. The rising yields signal growing investor concerns about debt sustainability and inflationary pressures in major economies.