GB: Bond yields fall before the announcement of budgetary and fiscal measures | Photo credit: Shutterstock
LONDON, Oct 17 (Reuters) – Yields on long-term British bonds fell sharply on Monday ahead of the new finance minister’s presentation of fiscal and fiscal measures.
The 20-year and 30-year “gilt” rates fell 23.8 basis points to 4.613% and 25.8 points to 4.519% respectively. The ten-year contract contracted by 27.4 points to 4.569% around 07:40 GMT.
Jeremy Hunt, the new Chancellor of the Exchequer who replaced Kwasi Kwarteng on Friday, following the turmoil triggered by the presentation at the end of September of a “mini-budget”, will announce this Monday, with a two-week advance on the originally planned schedule, new measures likely to scrap swathes of Prime Minister Liz Truss’ growth plan. (Report Andy Bruce; French version Claude Chendjou, edited Kate Entringer)