UK 30-year bond yield hits 6% for first time since 1998

The yield on 30-year UK government bonds — the government's long-term borrowing cost — reached 6% on 1 October, its first such level since 1998. The rise tightens pressure before Chancellor John Healey's 28 October Budget, with market moves since spring expected to have erased at least half of £24bn fiscal headroom.