Long term UK borrowing costs at 28 year high as rising oil prices trigger global bond rout – business live The recent surge in long term UK borrowing costs has pushed them to a 28 year high, with investors scrambling to make sense of the unfolding drama.
The increase is largely driven by the relentless climb in oil prices, which have sent governments around the world facing a stark reality: they're paying more to borrow money than at any point in nearly three decades.
Thomas Pugh, chief economist at RSM UK, cautions against attributing this trend solely to UK specific factors. "Government bond yields are surging across the world," he notes, "especially in America.