Reeves faces scrutiny over UK borrowing costs as bond yields rise

Chancellor Rachel Reeves is under pressure to manage rising UK borrowing costs, which have reached their highest level since 2008. She may impose deeper spending cuts, having ruled out tax increases or more borrowing. Yields on 10-year government bonds rose to 4.89% before settling at 4.82%. This increase reflects higher borrowing costs and has led to concerns about the government's fiscal sustainability. Critics have questioned Reeves's planned trip to China, suggesting she should focus on domestic financial issues. The government maintains that the bond market is stable and that global factors are influencing current trends.