UK government debt and stocks rallied on Wednesday after the chancellor was warned of a near-£600 billion debt interest bill over the next five years amid hundreds of billions of pounds of new borrowing. Yields on the UK’s benchmark ten-year bond edged down after the Debt Management Office (DMO), the organisation tasked with selling government debt, said it would issue fewer bonds than investors had envisioned. The DMO’s gross bond issuance will remain at £299 billion in the fiscal year, below forecasts of a jump to about £310 billion anticipated by analysts. Although the figure was lower than expected, it is among the highest ever. The borrowing remit was published amid a swathe of documents that accompanied the chancellor’s spring statement on Wednesday, in which

Source: The Times March 27, 2025 04:31 UTC