UK long-term borrowing costs hit highest since 1998 as Starmer faces pressure to stand down – business live

Rolling coverage of the latest economic and financial newsPolitics Live: Minister says Starmer is ‘listening’ but refuses to say if PM will stay on ahead of critical cabinet meetingStarmer on the brink as cabinet ministers urge him to quitThe UK’s long-term cost of borrowing has hit its highest level since early in Tony Blair’s first term as prime minister, as speculation swirls over Keir Starmer’s future.Reuters are reporting that the yield (or interest rate) on both 20 and 30-year bonds is the highest since 1998, rising over the highs seen early this month.UK 20-YEAR GILT YIELD RISES TO HIGHEST LEVEL SINCE JULY 1998 AT 5.734%, UP 12 BPS ON DAY - LSEG DATAUK 30-YEAR GILT YIELD RISES TO HIGHEST SINCE MAY 1998 AT 5.794%, UP 11 BPS ON DAY - LSEG DATAI spoke to the prime minister last night, as you would expect, and he is talking to colleagues who have raised issues yesterday.But he was also very clear, as I’m sure all of my colleagues are, that coming into the office this morning, as we all are doing, we’re absolutely focussed on our jobs, on delivering the things that we’ve promised to deliver for the public. Continue reading...