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UK bond yields fall further after tax cut U-turn

Economy Oct 03, 2022 14:13
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© Reuters. FILE PHOTO: A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska/File Photo
 
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LONDON (Reuters) - Yields on British government bonds fell sharply on Monday led by shorter-dated debt after Prime Minister Liz Trussand finance minister Kwasi Kwarteng back-tracked on part of their controversial tax-cutting plan.

The yield on two-year gilts, which are sensitive to expectations about interest rates, was down about 25 basis points on the day at 1250 GMT after touching a session low of 4.006%.

But that was still about half a percentage point higher than the yield at the close of trading on Sept. 22, the day before Kwarteng announced his "mini-budget" which raised fears about inflation pressures and higher Bank of England interest rates.

 

 

UK bond yields fall further after tax cut U-turn
 

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