US EditionBlackRock and Schroders Bought Gilts During Market Slump
- On Wednesday in London, Finance Minister Rachel Reeves was seen struggling emotionally during a parliamentary session as British government bonds experienced their most significant decline since October 2022.
- The selloff followed government U-turns on welfare reforms that eliminated £5 billion expected savings and raised questions about Reeves' future and fiscal credibility.
- As the 10-year gilt yield rose 22 basis points to 4.681%, the pound declined about 1% to $1.361 amid investor concerns over increased borrowing and political uncertainty.
- Robert Wood, chief UK economist, stated that the welfare concessions had undermined Ms. Reeves' fiscal framework, and that any additional borrowing could raise concerns among investors.
- A spokesperson for Prime Minister Keir Starmer affirmed that Reeves continues to have his complete support and confirmed she will remain in her position, despite growing concerns from the market and political opponents.
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Investing.comUK bonds suffer biggest selloff since October 2022 as worries build over finance minister
LONDON (Reuters) -British government bond prices fell by the most since October 2022 and the pound tumbled on Wednesday, after finance minister Rachel Reeves appeared visibly distressed in parliament, a day after the government sharply scaled back plans to cut…
·Denver, United States
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Leaning Left4Leaning Right1Center3Last UpdatedBias Distribution50% Left
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