-
UK short-term borrowing costs shoot past 'mini-budget' crisis levels on strong labor data
U.K. borrowing costs, as measured by the yield on short-dated government bonds, rose above levels last seen following Britain’s market-destabilizing “mini-budget” after labor market data showed rising wage growth on Tuesday. The yield on two-year gilts was up 18 basis points to 4.828% at 11:40 a.m. London time, according to Refinitiv data, surpassing the 4.75% set on Sept. 28 and marking the highest level since July 2008. U.K. annual average wage growth excluding bonuses accelerated from 6.7% to 7.2% in the February-April quarter, the fastest rate on record. Economists polled by Reuters had expected 6.9% wage ... (full story)