Kwarteng reportedly to be fired, gilt yields fall, tax U-turn expected
U.K. bond yields continued to drop on Friday, on expectations the U.K. government will further backtrack on its tax cut plans and that U.K. Prime Minister Liz Truss will fire Chancellor of the Exchequer Kwasi Kwarteng.
The yield on the 30 year gilt TMBMKGB-30Y, 4.259% — which was high as 5.1% as recently as Wednesday — fell 28 basis points to 4.27%. Speculation of further U-turns has centered around corporate tax cuts in particular. Other tax cuts that could be reversed include the planned personal income-tax reduction to 19% from 20%.
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