UK gilt yields hit highest since 2008 amid US-Iran tension and inflation fears

Yields on 10-year UK government bonds jumped to just below 5.3% in early trading, their highest level since mid-2008. The surge is driven by a global sell-off in government bonds amid inflation concerns and geopolitical tensions, including US-Iran friction. The rising borrowing costs add to the fiscal challenges facing Chancellor John Healey ahead of his first budget.