Reversal of budget plan causes cost of UK government borrowing to rise by the most in a single day since early July
UK bond markets took fright on Friday after it emerged that Rachel Reeves had ditched plans for a manifesto-busting increase in income tax at this month’s autumn budget.
On a day of choppy trading in the City, the cost of UK government borrowing rose by the most in a single day since early July, when a tearful appearance by Reeves in parliament spooked investors.