UK borrowing costs have hit their highest level since the banking crisis. An economist explains what’s happening

By Linda Yueh, Fellow in Economics/Adjunct Professor of Economics, University of Oxford

UK borrowing costs have risen rapidly to their highest level since the banking crisis of 2007-08, with implications for the government’s tax and spending plans. Yields on gilts, as UK government bonds are called, have been rising – and these yields are effectively the level of interest that the government pays on its borrowing.

The yield on ten-year debt hit 4.82%, the highest since 2008. And the yield on 30-year gilts rose to 5.383%…

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