Overview

• The 30‑year yield rose 8–9 basis points on Tuesday to about 5.62–5.63%, close to April’s peak and the highest levels since 1998.
• Analysts warn the chancellor may need up to £30bn in tax increases to comply with fiscal rules after her headroom was largely wiped out in recent months.
• The annual debt‑interest bill is reported to be above £100bn, adding to pressure on spending plans.
• Long‑dated yields have climbed even after three Bank of England rate cuts this year, and policymaker Catherine Mann cited “inflation persistence” in arguing for holding rates.
• The Treasury plans roughly £300bn of gilt sales this year, with a £5bn Debt Management Office auction scheduled on Wednesday.