Gilt yields rose in late trading and a stock market rally on the government’s about-turn on tax cuts faded as Liz Truss failed to reassure markets and investors looked ahead to next week when the Bank’s bond-buying will have ended.
The yield on 30-year bonds, the asset category at the heart of the pension fund scare of the past two weeks, rose to 4.8 per cent. This was closer the 5 per cent level it hit after Andrew Bailey, governor of the Bank of England, said earlier this week that its emergency bond-buying programme would end today.
Earlier in the day yields had fallen after Liz Truss sacked Kwasi Kwarteng as chancellor and replaced him with Jeremy Hunt, the former health secretary in an
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2022-10-14 17:00:00Z
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