UK official statistics (ONS, Bank of England, DEFRA, HMRC, DBT, and DfT) ·
UK gilts barely move on 28 October Budget day as pound reaches 1.1979 euros
The 10-year UK government bond (gilt) yield rose 0.4 basis points (hundredths of a percentage point) to 5.309% on Budget day, 28 October. Earlier falls in borrowing costs held, and the pound rose to 1.1979 euros.
A data update from FactIQ, written from UK official statistics (ONS, Bank of England, DEFRA, HMRC, DBT, and DfT) figures. What is FactIQ?
Key figures
- UK 10-year government bond yield, 28 October (Budget day)
- 5.309%up 0.4bp on the day; down about 12bp from 5.429% on 8 October2026-08-212026-10-28Yield from British Government Securities - 10 year Nominal Par Yield
- Euros per pound, 29 October
- 1.1979up from 1.1696 at the end of September, roughly 2.4% higher this month2026-08-242026-10-29Spot exchange rate - Euro into Sterling
- UK 20-year government bond yield, 28 October
- 5.585%down about 20bp from 5.787% on 8 October2026-08-212026-10-28Yield from British Government Securities - 20 year Nominal Par Yield
- Bank of England Official Bank Rate
- 3.75%unchanged2026-08-242026-10-29Official Bank Rate
Gilt yields hardly reacted to the Budget on 28 October
Gilt yields show what the UK government pays to borrow. The Bank of England publishes them as par yields. Their moves on Budget day were small:
- 10-year: 5.309%, up 0.4 basis points (bp, hundredths of a percentage point)
- 5-year: 4.961%, up 1.7bp
- 20-year: 5.585%, down 0.5bp
Most of October's fall in yields came in longer-dated gilts
The drop in yields before the Budget held. Since 8 October the 20-year yield is down about 20bp, from 5.787%. The 10-year is down about 12bp, from 5.429%. The 5-year has moved only about 3bp, from 4.994%. Expectations that the Bank of England will raise interest rates are still holding up short-dated yields.
The pound strengthened, most of all against the euro
These figures run through 29 October:
- The pound reached 1.1979 euros, its high for the period covered. That is up from 1.1696 at the end of September, roughly 2.4% higher this month.
- Against the US dollar it rose to 1.3375, from 1.3301 the day before.
- The sterling effective exchange rate index rose to 86.19, from 85.86, compared with 85.16 in mid-October. The index measures the pound against a basket of trading partners' currencies.
- Against the Japanese yen the pound reached 211.08.
Bank Rate is unchanged at 3.75%
Official Bank Rate is the Bank of England's main policy interest rate. It stayed at 3.75%. The Sterling Overnight Index Average (SONIA) was 3.7338% on 28 October. SONIA is the average rate banks pay to borrow sterling overnight. The 5-year gilt yield is about 120bp above Bank Rate.
Source: UK official statistics (ONS, Bank of England, DEFRA, HMRC, DBT, and DfT). See all UK data in FactIQ.