Tax cuts have been mooted in recent months, but experts say they could now be less likely
Jeremy Hunt is not expected to announce tax cuts, despite a contingent of Tory MPs pushing hard for them
Expectations of interest rates remaining high for longer have fueled the sell-off, which has triggered yields going higher. This has happened after growing awareness that inflation will be a factor in the US and UK for some time, and investors have decided they want to put their money elsewhere. The price of the bonds goes down once this happens, and the yield – how much return the investor makes from the bond – increases.
“The UK is paying over £100bn to service debt, and with gilts rising as interest rates remain high that is only going to go up. And it’s already a crazy number” he said.
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