Britain's latest auction of 30-year government debt received the lowest demand since December 2023, it was announced today.
The debt was issued at 5.198% well up on the previous auction's yield of 4.747%.
Earlier, the cost of UK long-term borrowing climbed to the highest level since 1998 ahead of the debt sale.
The yield on 30-year gilts climbed three basis points to 5.21% and has remained just off that level in recent minutes at 5.206%.
Yields on shorter-term debt also were up this morning, including two-year, five-year and 10-year gilts.
The yields in today's auction make Rachel Reeves [pictured] the first chancellor to oversee a bond auction over 5% since Gordon Brown.
Concern that interest rates will come down more slowly than expected were blamed by economists for the poor gilt demand.