More pain for Reeves as government borrowing cost nears 27-year high

Chancellor is urged to ‘get a grip’ on country’s finances as yield on 30-year bond rises to 5.62%

The cost of UK government borrowing has jumped to near a 27-year high, piling pressure on Rachel Reeves to reveal how she will tackle the deficit in the public finances before the autumn budget.

The yield, or interest rate, on the UK’s 30-year bond rose by eight basis points (0.08 of a percentage point) on Tuesday to 5.62%.