Increasing employer NICs won’t bring in ‘anything like’ £25bn, IFS warns

The jump in gold yields is partly driven by concerns that Labor could ramp up borrowing again next year and by people selling their bonds ahead of the US election, investors say.

“It depends firstly on market positioning and secondly on market nervousness about some of the assumptions that were included in the budget yesterday,” said Ben Nicoll, senior fund manager at Royal London Asset Management, citing estimates growth and tax increases. .

“I think there are concerns that Labor will have to return to the bond market in April to increase borrowing and raise taxes.”

Moeen Islam, bond strategist at Barclays, said investors were trimming positions ahead of a number of major events, including US jobs data and the election.

“There are a lot of risky exits going on,” he said. “There is no one here who can stabilize the market.”