• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

UK’s cost of borrowing on international markets overtakes Greece and Italy

3 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
67
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

UK’s cost of borrowing on international markets overtakes Greece and Italy

Britain’s cost of borrowing on international money markets has jumped above the rates paid by Greece and Italy as traders priced in a higher risk of default on UK government debt.

After frantic selling since Kwasi Kwarteng’s mini-budget last Friday, the five-year UK government bonds suffered a dramatic fall in value, which had the effect of doubling the interest rate on the debt since August.

The five-year bond rose to 4.6%, which compares with Italy’s 4% and the 4.1% rate of interest paid by Greece. France maintained a rate of 2.3% while German five-year bonds traded with an interest rate, referred to as the yield, at 2.03%.

The former Bank of England deputy governor Charlie Bean said it was significant that bond markets now considered Greece and Italy to be safer bets after several days of panic selling.

“It now costs the UK government more to borrow than Italy or Greece, who we have traditionally thought of as being not quite basket cases, but certainly weaker-performing sovereign entities.”

He said the central bank should have reacted to the market turmoil by calling an emergency meeting, and that the lesson of urgent interventions was “you go big, and you go fast”.

RelatedPosts

Global 5G Connections Projected to Reach 9 Billion by 2030

World Bank Court Blocks Niger From Selling Uranium From Somaïr Mine

Ghana’s per Capita Income Could Triple By 2050 With Bold Reforms – World Bank Says 

He added: “On this occasion if I had still been at the Bank in my role as deputy governor I certainly would have been counselling the governor that I think this is one of those occasions where it might have made sense [to call a meeting].

“The key thing is, if you call it, you have to take significant action.”

The Bank of England’s governor, Andrew Bailey, issued a statement on Monday that emphasised the central bank’s willingness to raise rates in its fight against inflation, but stopped short of announcing an emergency rate rise as some had expected.

Some analysts said the sharp rise in the UK’s short-term borrowing rates reflected concern about the prospects for the economy and rising debt levels in the run-up to the next election.

Source: theguardian
Tags: Greece and ItalyUKUK’s cost of borrowing on international markets overtakes Greece and Italy
No Result
View All Result

Highlights

The National Security Implications of Illegal Gold Mining in Ghana

The Galamsey Fight, Jobs, and Livelihoods

AGI Reports Improved Dollar Supply, Applauds Recent BoG FX Measures 

ECG Cancels Over 200 Contracts in Procurement Clean-Up

Harry Kane Makes History: Fastest to Reach 100 Goals for Bayern Munich

Manchester United Unveils Plans for Canopy-Free Old Trafford Upgrade

Trending

Business

Global 5G Connections Projected to Reach 9 Billion by 2030

September 27, 2025

Global 5G Connections Projected to Reach 9 Billion by 2030 The global telecommunications landscape is poised for...

World Bank Court Blocks Niger From Selling Uranium From Somaïr Mine

September 27, 2025

Ghana’s per Capita Income Could Triple By 2050 With Bold Reforms – World Bank Says 

September 27, 2025

The National Security Implications of Illegal Gold Mining in Ghana

September 27, 2025

The Galamsey Fight, Jobs, and Livelihoods

September 27, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.