What is driving up the UK government's borrowing costs?

A flood of gilt sales is driving up the UK government's borrowing costs, as markets are asked to absorb record volumes of bonds without the Bank of England stepping in to hoover up supply. The government plans to sell £241bn of gilts in the current financial year, a sharp increase from £139.2bn issued in the last financial year. Many fund managers argue that the UK's hefty borrowing needs, exacerbated by the BoE selling government bonds that it bought under its quantitative easing program, are adding to the pressure on gilts.

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