Richard Tice slams BBC for ‘not shouting from the rooftops Labour is crashing the economy’ as borrowing hits 28-year record

The yield on UK Government bonds, also known as gilts, reached 6.07 per cent in morning trading on Thursday, the highest level since 1998.

The worldwide bond market woes have already spilt over into equities as London’s FTSE 100 Index tumbled by two per cent.

Gilt yields move counter to the value of the bonds, meaning their prices fall when yields rise.

Rising yields on these bonds mean it costs more for governments to borrow from financial markets.

Reacting to the news, Reform UK’s Deputy Leader Richard Tice said markets had been left “horrified by Burnham’s hard left socialism”.

He questioned: “Why is the BBC not shouting from the rooftops that Labour are crashing the economy?”

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Government bonds were also slumping across the globe, with the US 10-year bond yield at its highest since 2002.

Chief investment strategist at Wealth Club Susannah Streeter said: “The blue-chip index has taken a dive in early trade, with confidence hit by concerns about the potential for higher inflation, more refinancing costs and the knock-on effect on spending.

She added: “With debt already high and interest payments eating up a hefty chunk of public finances, sustained yields at these levels could further squeeze the Chancellor’s wiggle room when he sets out his spending plans.”

GB News has contacted the BBC for comment.

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Economist Damian Pudner, director at the Great British Think Tank, warned the “real pain has only just begun”.

He said: This is the bond market putting a price on Britain’s fiscal credibility.”

Mr Pudner explained the 30-year yield had reached 6.065 per cent, adding: “A month ago I said six per cent was the ‘danger zone’. Buckle up!”

The increase has added to the challenge facing Mr Healey as he tries to balance spending commitments with efforts to keep borrowing under control.

Andy Burnham’s right-hand man in No11 will have to accommodate the Prime Minister’s latest spending splurge.

Mr Burnham’s latest set of announcements at Conference have been estimated to cost British taxpayers hundreds of billions of pounds.

A day on from his major speech to supporters, MPs and ministers, the pricetag on the Prime Minister’s list of spending commitments has been tallied up.

The hefty total comes to between £26billion and £36.5billion a year, Guido Fawkes revealed.

The largest cost is Mr Burnham’s latest project, the “National Care Service”, which will cost at least £18.5billion.

The Prime Minister vowed the service would be funded by axing the triple lock at the next election – but the Institute for Fiscal Studies said that move would save “absolutely nothing”.

And the Makerfield MP’s spending commitments go on – his council housebuilding programme alone would require another £8billion a year.

Once added up over Mr Burnham’s “10-year plan”, the final total could range from £135billion to a staggering £260billion.