UK Gilt Yields Break Above German Bunds—A First Since the Financial Crisis

British 10-year gilt yields have climbed to 4.925%, the highest since 2008, and now exceed German Bund yields at 2.841%. The gap reflects different fiscal positions and monetary paths: the UK is tightening spending and setting rates independently, while the eurozone is disinflating and the ECB remains cautious. European sovereign rates are diverging, not moving together.