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10-year gilt yield rises after Andy Burnham pledges fiscal rules
The 10-year gilt yield edged up about 3 basis points to 4.98% following Burnham's promise to outline immediate cost of living support and how it will be paid for.
The yield on the UK 10-year government bond rose slightly after new Prime Minister Andy Burnham pledged that his government will meet its fiscal rules, according to Guardian Business.
The 10-year gilt yield nudged up by about 3 basis points to 4.98%, with Burnham saying he will set out immediate cost of living support starting tomorrow, including how the measures will be funded.
Burnham also reiterated ambitions to expand education support for young people into work, provide more mental health support, and build more council homes, linking the approach to lowering the welfare bill while meeting fiscal rules.
The coverage came as other market and economic items were in focus, including reports of rising Middle East tensions and oil moving back below $90 amid developments involving Iran and the United States.