UK Debt Rates Surge As Pound Plunges Against The Dollar

Rates on UK debt surged higher today and the pound trailed the US dollar again driven by investors sweating over the government’s tax and borrowing splurge. The yield on the 30-year UK gilt jumped six basis points to 5.048 percent, the highest since 1998. Investors were demanding a greater return ahead of the government today selling a tranche of long-dated debt. The pound slid 0.4 percent against the US dollar to hover around the lowest level in 37 years, but is above the record low of nearly $1.03 it hit at the beginning of the week. Yield…