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The Guardian // Business // Economics

BoE’s Bailey plays down surge in 30-year borrowing costs, and criticises Trump’s attacks on the Fed – as it happened

Wednesday 3rd September 2025, 4:13PM

UK 30-year yields rose above Tuesday’s levels in early trading but have now dropped backRachel Reeves’s autumn budget will take place on 26 NovemberUK hit by fresh sell-off in government bond markets as pound weakensNewsflash: Rachel Reeves’s autumn budget will take place on 26 November, the Treasury has announced.The late November budget date will give the chancellor time to prepare the ground for potential tax changes, and address the likely budget ‘black hole’ that could have been widened by the sell-off in the bond markets.Reeves is understood to have been exploring several tax-raising measures over the summer months amid concern that rising borrowing costs, a sluggish growth outlook, higher inflation and welfare U-turns could expose a shortfall in the government finances worth up to £40bn.The chancellor and the prime minister have, however, committed to sticking to Labour’s manifesto promise not to raise taxes on “working people”, including through income tax, national insurance and VAT.Riding a bike too slowly can make you tip over. That’s the risk facing the eurozone. Yes, the economy has

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