British borrowing costs surge after wage shock [Yahoo! Finance]
CHEMRING GRP PLC UNSP/ADR (CMGMY)
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Source: Yahoo! Finance
Money markets indicate there is less than a 40pc chance that the Bank of England will cut interest rates three times next year - REUTERS/Mina Kim The cost of UK government borrowing is on track to reach its highest level in 34 years when compared to Germany, after doubts emerged about how fast the Bank of England could cut interest rates. The difference between UK and German 10-year bond yields - known as the spread - has widened to as much as 228 basis points after the latest official figures showed a surge in wage growth. If sustained, the spread would be the largest gap between British and German government borrowing costs since the early weeks of German reunification in 1990, surpassing levels reached during the bond market crisis after Liz Truss's mini-Budget two years ago. The surge in UK bond yields - the return that the government promises to buyers of its debt - comes after traders slashed bets on the Bank of England reducing borrowing costs next year. Money market
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