UK long-term borrowing costs hit highest since 2008 ahead of October Budget

Long-term government borrowing costs have risen to a 28-year high, putting further pressure on Prime Minister Andy Burnham ahead of his first Budget next month. The yield on a 30-year gilt — a loan to the British government — rose to 5.89%, the highest since 1998.The effective cost of borrowing for governments across the globe has continued to rise this morning with new multi-decade highs in market interest rates.The moves reflect concerns about inflation arising from the ongoing Iran war, competition from major tech firms for long-term borrowing, and concerns about state borrowing levels.Follow live: Burnham to address MPs for first time as PMAll of those factors will make the Budget process trickier for Burnham, who will face MPs on Tuesday for the first time as prime minister, and his C