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UK long-term borrowing costs highest since 1998 ahead of October Budget

Long-term borrowing costs for the UK government have reached their highest level in 28 years, escalating pressure on Prime Minister Andy Burnham just weeks before his inaugural Budget. The yield on a 30-year gilt, which represents government debt, climbed to 5.89%—a peak not seen since 1998. Globally, borrowing expenses for governments have also surged this…