Rising bond yields leave Reeves with no choice but to plan a ‘muddle-through’ budget

Despite predictions of a 1970s-style budget crisis, analysts point out similar rises are taking place in other markets

The last time yields on 30-year UK government bonds were this high, Rachel Reeves was a first-year student at Oxford, getting to grips with economics.

The chancellor could be excused a moment of nostalgia for such innocent times after waking on Tuesday to a barrage of headlines about Keir Starmer taking back control of economic policy - and a fresh sell-off in the government bond, or gilt, markets.