UK 30-year gilt yields hit 1998 high as global bond sell-off pressures budget

UK 30-year gilt yields spiked to their highest since 1998, driven by an international sell-off of government debt. The Iran war has raised energy costs, reversing expectations of falling inflation and rates, while a plunging yen adds further pressure. The article questions whether the UK's fiscal position will reassure investors, with the upcoming budget seen as a key test.