UK Government borrowing costs jump on reports Reeves to drop income tax rise

From bbc.com

UK government borrowing costs have risen in reaction to reports the chancellor will not increase income tax in the upcoming Budget. The interest rate on 10-year government bonds, known as the yield, jumped to 5.56% from 5.44%, indicating the cost to government if it chose to borrow over this length of time. The jump in yields came as financial markets showed concern about how the government would meet its spending and borrowing commitments without an income tax rise. Governments borrow money from investors by selling bonds - known as gilts – which is a loan the government promises to pay back at the end of an ... (full story)