U.K. bond yields continue to drop as Kwarteng flies back early from IMF meeting

As Chancellor of the Exchequer Kwasi Kwarteng returned early from the IMF conference amid predictions that the U.K. government will further renege on its tax cut promises, U.K. bond rates fell on Friday.

The 30-year gilt yield, which last reached a high of 5.1% on Wednesday, dropped 12 basis points to 4.42%.

The 10-year gilt yield decreased 16 basis points to 4.02%. Prices and yields move in the opposing directions.

Kwarteng has done little to quell rumours that the UK government will further scale back its tax-cut promises in recent interviews.

In response to a query regarding potential U-turns, he stated in one interview that he was committed to advancing the government's growth strategy. 

He answered, "We'll see," in another. Corporate tax cuts in particular have been the focus of speculation on potential future U-turns.


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Leaving for the US to attend G-20 and IMF meetings is the finance minister