Borrowing costs rise after BoE insists it will soon end bond-buying programme

Price of 20-year UK bonds hit new lows as Bank of England statement rules out considering an extension

• The Bank of England governor plans to stick - but it is a gamble

The cost of government borrowing has continued to soar after the Bank of England said it would end its emergency bond-buying programme on Friday as planned, countering claims it was considering an extension.

The price of 20-year UK bonds hit new lows on Wednesday afternoon, sending their interest rates - or yields - to levels last seen in 2002, after Threadneedle Street said it would put a hard stop to its 65bn package of support for the bond market.