British government borrowing costs rose again on Wednesday after Bank of England Governor Andrew Bailey told pension funds they had three days to fix liquidity problems before the bank ends emergency bond-buying that has provided support.
The 20-year gilt yield rose above 5% for the first time since Sept. 28. That was when the BoE moved to quell bond market turmoil triggered by the plans of the new government of Prime Minister Liz Truss for big, unfunded tax cuts.
British financial markets have been under strain since new finance minister Kwasi Kwarteng announced the string of tax cuts with no details of how they would be paid for on Sept. 23. Yields rose across the range of maturities on Wednesday with the sharpest increase in two-year gilts , up about 10 basis points on the day. Yields for index-linked bonds also rose.
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