Burnham beware, the bond markets will demand proper answers in the budget | Nils Pratley

Fair to say the current sell-off is international, but the PM has said little yet to make investors rethink the UK’s status I t’s too soon to say the bond markets have turned on Andy Burnham. Tuesday’s spike in gilt yields, taking the UK’s 30-year borrowing costs to their highest level since 1998 , was part of an international sell-off of government debt . The main contributors are well known. The Iran war, by increasing the cost of energy, has overturned the comforting start-of-the-year thesis of falling global inflation and interest rates. A plunging Japanese yen has kicked away another assumed source of financial stability.

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