UK borrowing costs up after markets spooked by Reeves’s income tax U-turn

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UK borrowing costs up after markets spooked by Reeves’s income tax U-turn - short news

Pound down 0.5% against dollar in early trading after chancellor drops plans for upcoming budget

Borrowing costs for the UK have increased and the pound fallen after the chancellor’s extraordinary last-minute decision to ditch tax-raising plans in the upcoming budget.

Interest rates on government bonds rose by more than 10 basis points in early trading, putting them on track for their worst day since 2 July, when investors responded to a tearful appearance by Rachel Reeves in..

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source: The Guardian - 14.11.2025