UK government sees no need for emergency measures as financial markets decline

The UK government has stated there is "no need" for emergency intervention as financial markets face turbulence. The pound fell to its lowest level in over a year, and UK borrowing costs reached their highest since the 2008 financial crisis. On Thursday, the pound dipped nearly 1% to just under $1.23 before recovering slightly. Yields on government bonds also rose, with 10-year gilt yields hitting 4.89%, the highest since 2008. Concerns about fiscal stability and rising government debt are influencing market reactions. Treasury minister Darren Jones reassured that the markets are functioning orderly, despite rising borrowing costs. Experts warn that the government may need to consider tax increases or spending cuts to meet fiscal targets amid escalating debt interest costs.