UK borrowing costs hit 1998 highs amid Starmer uncertainty

UK long-term borrowing costs soared to highest levels in nearly three decades as bond yields jumped and the pound fell against the dollar. Political uncertainty intensified with cabinet ministers urging Prime Minister Keir Starmer to quit. GBP/USD faces downward pressure from political instability and rising borrowing costs. UK stocks also declined as investors price in potential Labour leadership change and economic uncertainty.