UK 30-Year Gilt Yield Surges to 5.89%, Reaching Highest Level Since 1998

The yield on 30-year UK government bonds spiked to 5.89%—its highest level in 28 years—driven by a aggressive global bond sell-off.
The surge in long-term borrowing costs reflects compounding pressures from soaring energy prices, persistent domestic inflation, and heavy sovereign issuance as international markets reprice risk. The spike threatens to drastically compress the UK Treasury's fiscal headroom ahead of the upcoming autumn budget as debt-servicing expenses mount.