UK government long-term borrowing costs have eased after reaching their highest level since 1998 earlier in the week, with the yield on 30-year government bonds slipping to 5.57%.

• The interest rate on 30-year government bonds, known as the yield, dropped from a high of 5.75% on Wednesday.
• Bank of England governor Andrew Bailey stated that rising interest rates are a global phenomenon, not limited to the UK.
• A fall in US borrowing costs, specifically 30-year Treasury bond yields slipping to about 4.88%, had a knock-on effect on UK bonds amidst expectations of a US Federal Reserve interest rate cut.