FTSE 100 Live: UK Bonds and Pound Rise as Starmer Backs Reeves

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Yesterday saw high drama in the UK gilts market, as the future of UK Chancellor Rachel Reeves hung in the balance, and Keir Starmer’s authority over his restive party was badly undermined.

Yet this morning the Labour leadership were all smiles and talk of the future, and gilt yields were drifting lower once again. All’s well that ends well?

Not really. The real story from the events of the last few days is that the UK’s room for manoeuvre has narrowed even further. The next budget — whoever ends up being in charge of delivering it — is going to be a painful one. More on that in today’s Money Distilled.

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