Britain’s Cost of Borrowing Reaches 20-Year High

It comes as the price of 30-year UK government bonds has fallen again, amid anticipation that global interest rates will stay high for a longer period of time.

UK £5, £10, £20, and £50 notes with £1 coins, shown in a file photo dated Jan. 26, 2018. Dominic Lipinski/PA

The UK’s cost of borrowing has reached the highest level since 2002, as the interest rate on 30-year government bonds hit 5.05 percent on Wednesday.

The increase in the interest rate comes as the price of 30-year UK government bonds has fallen again, amid anticipation that global interest rates will stay high for a longer period of time.