The Governor of the Bank of England downplays the risk of a surge in 30-year UK bond yields.

Jin10 data reported on September 3, the Governor of the Bank of England, Bailey, downplayed the significance of the surge in long-term government bond yields, which had previously raised concerns about the risk of the UK's fragile fiscal condition being undermined. Bailey stated on Wednesday that he would not “exaggerate” the importance of the 30-year government bond yield, as the UK has shifted its debt issuance focus to shorter-term bonds. He pointed out that there is a significant risk of “over-focusing” on long government bonds. This statement comes at a time when scrutiny of the UK's fiscal condition is intensifying. With the 30-year government bond yield reaching its highest level since the 1990s, there is increasing concern about the outlook for the autumn budget announcement on November 26. Higher debt costs are consuming fiscal resources, weakening the already limited maneuvering space of Chancellor of the Exchequer Reeves. Bailey warned that the impact of long-term debt market fluctuations should not be exaggerated.