British 10-year borrowing cost tops 3.5% for first time in over a decade     

The yield on the Irish 10-year bond traded at over 2.54%

It reflects investors' unease around the economic plans of British Prime Minister Liz Truss that has already seen sterling fall to $1.121, a 37-year low. 

The implied cost of borrowing for 10 years for the British state rose to over 3.5% for the first time since April 2011 — the biggest such rise since March 2020, when the onset of the Covid-19 pandemic sparked market chaos.

It comes following rate hikes by the Bank of England and the US Federal Reserve but also reflects investors' unease around the economic plans of Prime Minister Liz Truss that has already seen sterling fall to $1.121, a 37-year low.