Bond sell-off eases after budget date is confirmed

UK long-term borrowing costs have eased back from fresh 27-year highs after the Treasury revealed the keenly-awaited Autumn Budget will take place on November 26 also helping to take the pressure off the pound.

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The yield on 30-year UK Government bonds also known as gilts edged lower to 5.691% at one stage, having earlier hit a new high not seen since 1998. Gilt yields move counter to the value of the bonds, meaning their prices fall when yields rise. The pound, which suffered hefty losses on Tuesday, also reversed early session falls to stand 0.1% higher at $1.341 and was flat at €1.15.