Borrowing costs extra £7 billion

HIGH government borrowing costs since Labour won the election have cost the taxpayer up to £7 billion amid concerns over the state of the UK's finances, but this “premium” is showing signs of coming to an end, according to a report.

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The Institute for Public Policy Research (IPPR) found the UK had seen “uniquely high" borrowing costs when compared to other advanced countries, with yields on government bonds - also known as gilts - having risen steadily since Labour came into power in the summer of 2024.