The yield on the UK 10-year gilt surged to above 4.8%, the highest since August 2008, while the yield on 30-year gilts climbed to 5.47%, its highest since 1998. This rise reflects a broader increase in bond yields fuelled by concerns over Trump’s policies and a hawkish outlook from the Fed. The pressure in the UK bond market has been further amplified by mounting investor concerns over the nation’s debt levels and the government's ability to restore public finances while implementing its budget plans. In late October, the Chancellor of the Exchequer unveiled a new budget that included £142 billion in borrowing and a £74 billion increase in annual spending, raising alarms about fiscal sustainability. Additionally, fears over the inflation outlook weighed on sentiment, as CPI inflation, and wage growth showed upward trends. Traders are now anticipating only two quarter-point rate reductions by the BoE this year, compared to over three predicted a month ago.