Bond yields in the United Kingdom rose on Thursday following yesterday's Labour government's budget reveal. Chancellor Rachel Reeves announced the budget will include £40 billion from tax increases, including income tax and National Insurance, capital gains tax and inheritance tax. The government also decided to increase the minimum wage and boost healthcare, education and defense spending.

The yield on the two-year gilt added 8.2 basis points to 4.393% at 10:06 am CET. The 10-year gilt yield was up by 6.6 basis points to 4.43%, reaching a high unseen since October 2023, while the 30-year gilt yield rose by 6.1 basis points to 4.894%.