Overview

• Ten-year gilt yields traded near 4.62% on Tuesday as 30-year rates slipped below 5.5% after last week’s spike above 4.8% and near 5.7%.
• Rachel Reeves told MPs her programme is fully funded and fully costed and argued the current interest burden reflects debt built up under the Conservatives.
• AJ Bell said the UK now pays more to issue 10-year debt than Portugal, Ireland, Italy, Greece and Spain, pointing to investor concern over debt and inflation.
• Kemi Badenoch warned of IMF-style risk, offered cross-party talks to cut welfare, and demanded a November Budget that raises neither taxes nor borrowing.
• The OBR projects £107bn in debt interest for 2024–25 as weak growth and high public debt limit options, with economists arguing broad-based tax rises may be required.