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UK Borrowing Costs Surge as Oil Shock Rattles Global Markets

The global rise in borrowing costs is a “particular concern,” the International Monetary Fund has said, as UK bond yields reach a level last seen in the financial crisis. The yield on the 10-year UK gilt climbed four basis points on Wednesday morning to near 5.27 per cent, which followed the previous day’s rally that saw yields spike as much as 15 basis points. Longer-term gilt yields were up five basis points to…