London’s FTSE 250 slumps and pound weakens as UK gilt yields spike
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy London’s stock markets faltered on Wednesday, with the FTSE 250 slumping to a five-month low and the pound weakening as UK long-term borrowing costs continued to spike. Meanwhile, the more domestically focused FTSE 250 tumbled 2 per cent, as mid-cap stocks came under pressure while government borrowing costs continued to surge. The cautious attitude is evident across markets, but it seems to be the UK that is bearing the brunt Chris Beauchamp, chief market analyst at IG Chris Beauchamp, chief market analyst for IG, said: “The mood music around the UK continues to deteriorate as 30-year gilt yields rise to their highest level in over a quarter of a century. “The cautious attitude is evident across markets but it seems to be the UK that is bearing the brunt.” The value of the pound slid by 1 per cent against the US dollar, at 1.2355, the lowest level since April last year.