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Cabinet told public spending cuts must be ‘ruthless’: Telegraph

  • The U.K. Government is facing pressure for public spending cuts as bond yields rise to decade highs, with 30-year gilt yields hitting their highest level since 1998.
  • The rise in borrowing costs is attributed to waning investor confidence and external factors like the return of Donald Trump to the White House.
  • The Institute for Fiscal Studies warns of a 'knife edge' chance for the U.K. To meet fiscal rules, presenting Finance Minister Rachel Reeves with tough options.
  • Former U.K. Finance Minister Vince Cable stated that higher bond yields are not an 'emergency panic situation' and criticized Labor's focus on national insurance hikes.
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  • 50% of the sources lean Left
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