The yield on 30-year U.K. government bonds exceeded 6% for the first time since 1998
Bond yields are also rising in the U.S., France, and other countries
Yields on British bonds hit multi-decade highs / Photo: Unsplash/Marcin Nowak
Yields on 30-year British government bonds rose to 6%—a level not seen since 1998, according to Bloomberg. The rise in yields on British bonds is occurring amid a global sell-off of government bonds: similar trends are being observed in the U.S., France, and other countries.
The yield on benchmark 10-year British bonds rose by six basis points to 5.49%. Similarly, borrowing costs for France rose: the yield on its 10-year bonds increased by nine basis points to 4.95%, according to Bloomberg. In the U.S., on September 30, the yield on 10-year Treasury bonds hit its highest level since May 2002.
Context
Yields on British government bonds have been rising for virtually the entire year of 2026. In March, 10-year bond yields exceeded 5% for the first time since the 2008 crisis amid escalating tensions between the U.S. and Iran and rising energy prices. By mid-May, yields on 30-year and 20-year government bonds had reached their highest levels since 1998—when a sell-off was spurred by a domestic political crisis in the UK and a global inflationary backdrop. In August, the global portfolio of investment-grade government bonds reached an average yield of 4.5%—a record high since 2015—amid structural growth in government spending and an outflow of traditional buyers such as pension funds.
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