UK pays highest 30-year borrowing cost since 1998 in £4bn gilt auction

On 8 September 2026 the UK borrowed £4 billion at 5.82% over 30 years — the highest rate on that maturity since 1998. That locks in roughly £233 million in annual interest on a single tranche. The Debt Management Office, operational since 1998, conducted the auction as long-dated yields climb on oil-driven inflation pressure.