Gilt yields move counter to the value of the bonds, meaning their prices fall when yields rise. The yield on 10-year gilts stood just one basis point lower following the Chancellor’s unusual pre-Budget address, while on the London market, the FTSE 100 Index also dropped nearly 100 points lower. The FTSE 100 Index meanwhile fell deeper into the red after the speech, down 1% or 92.5 points lower at 9608.9. The pound fell further after the Chancellor’s speech (Justin Tallis/PA)Rachel Winter, a partner at Killik & Co, said: “UK equities are in negative territory following the Chancellor’s speech, suggesting a lack of confidence in the prospects of the UK economy. While interest costs for government borrowers worldwide have increased, she said the UK is “particularly exposed” due to its high debt levels.

Source: The Times November 04, 2025 09:32 UTC