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Business journalist Ian King has warned that the sharp rise in UK borrowing costs is “still pretty damaging for the government,” as markets react to a mix of global instability and domestic political uncertainty. His comments come as long-term borrowing costs surged to their highest level since 1998, with 30-year gilt yields climbing to around 5.7% amid investor concerns about inflation and the wider economic outlook. The spike has been driven in part by the ongoing Iran war, which has pushed up energy prices and intensified fears of prolonged economic pressure.

The situation reflects a broader loss of confidence in financial markets, where investors are demanding higher returns to lend money to the UK government. Analysts point to a combination of rising oil prices, stubborn inflation, and uncertainty surrounding Keir Starmer’s political future as key factors behind the surge. With the UK planning to issue vast amounts of debt, higher borrowing costs could significantly increase the burden on taxpayers and limit the government’s ability to fund public services or economic support measures.

#markets #keirstarmer #labour

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