UK Markets Slide as Doubts Swirl Over Chancellor Reeves’s Future

UK markets tumbled, with the rout spilling into global bonds, as speculation about a possible exit by Chancellor of the Exchequer Rachel Reeves made investors nervous about the state of Britain’s finances.

Long-dated government bonds were hardest hit, with the yield on 30-year gilts rising more than 20 basis points past 5.4%. That dragged down US Treasuries, with yields rising for a second day. The pound was the worst-performing major currency in the world on Wednesday, slumping more than 1% to below $1.36. Stocks also fell.