UK 30-year borrowing cost hits 6% for first time since 1998

The UK's 30-year borrowing cost reached 6% on 1 October, its first time at that level since 1998. The increase adds pressure ahead of Chancellor John Healey's Budget on 28 October, as market shifts since spring are expected to have wiped out at least half of his £24bn fiscal headroom — the buffer for spending or tax plans.