Bond market strains intensify for Reeves as investors await watchdog’s fiscal verdict

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Financial Times 12h ago

Bond market strains intensify for Reeves as investors await watchdog’s fiscal verdict - Financial Times

Quick Summary:

The 10-year gilt yield was back up to 4.7 per cent on Wednesday, from below 4.4 per cent at a recent intraday low in early February. Yields move inversely to prices.“With the international position unlikely to get any easier, rebuilding the headroom they had in October feels like the bare minimum — ideally they should go beyond this,” said Ben Nabarro, UK economist at Citi.

Recently yields have started ticking up again, driven by investor expectations that Europe will have to borrow more to fund defence spending — a dynamic on dramatic display last week with German plans to fund hundreds of billions of euros of military and infrastructure spending with debt.

Reeves in October left herself £9.9bn of headroom against her key fiscal rule, which requires her to fund day-to-day spending entirely with tax receipts by 2029-30.