UK gilt yields surge to multi-decade highs, forcing emergency Budget

UK gilt yields have surged to multi-decade highs, raising borrowing costs and pressuring Chancellor John Healey to deliver an emergency Budget with spending cuts to control the debt pile. The move reflects rising market uncertainty over UK fiscal sustainability, and the risk of a self-reinforcing spiral if yields keep climbing. The situation is developing, with the exact scale of cuts and timing of the Budget still unclear.