UK borrowing costs hit 18-year high as pound falls amid Labour leadership turmoil
UK government borrowing costs rose to a new 18-year high on Friday as the pound weakened, with markets reacting to the latest twist in the Labour leadership battle involving Andy Burnham.The 10-year gilt yield rose above 5.14% at one point, its highest level since 2008.The pound fell 0.3% against the dollar to around $1.337, and was 1.5% lower over the week.Long-term borrowing costs also moved higher, with the yield on 30-year gilts reaching a peak of 5.82%.Analysts said UK moves were larger than those seen in other European government bond markets.The market reaction matters because higher gilt yields can raise... [Continue Reading]
360LiveNews | 15 May 2026 13:31 LONDON
Wes Streeting quits UK government, paving way for Labour leadership challenge
Wes Streeting has resigned as UK health secretary, sharply escalating the Labour leadership crisis and opening the door to a possible challenge against Prime Minister Keir Starmer.In his resignation letter, Mr Streeting said it would be "dishonourable and unprincipled" to continue in the role.He also said it was now clear Mr Starmer would not lead Labour into the next general election.The move comes as Labour faces mounting internal pressure, with trade union backers reported to have withdrawn support for Mr Starmer and around 90 MPs said to have publicly called for him to go.Any formal challenge would require the backing... [Continue Reading]
360LiveNews | 13 May 2026 07:00 LONDON
