Gilt yields are rising ahead of Rachel Reeves’ budget but are within the range of other pre-budget periods

The daily difference in change to UK 10-year gilt yields in comparison to US and German government bond yields, in the run-up to UK budgets

Upcoming budget

September 2022

Mean UK difference - 2006-2024

Range of UK difference - 2006-2004, excl. 2022

0.8%

0.6

0.4

0.2

0

-0.2

-0.4

30

25

20

15

10

5

0

Days before budget/major fiscal satement

Upcoming budget

September 2022

Mean UK difference - 2006-2024

Range of UK difference - 2006-2004, excluding 2022

0.8%

0.6

0.4

0.2

0

-0.2

-0.4

30

25

20

15

10

5

0

Days before budget/major fiscal satement

Upcoming budget

September 2022

Mean UK difference - 2006-2024

Range of UK difference - 2006-2004, excluding 2022

0.8%

0.6

0.4

0.2

0

-0.2

-0.4

30

28

26

24

22

20

18

16

14

12

10

8

6

4

2

0

Days before budget/major fiscal satement

Guardian graphic. Source: Shreyas Gopal/Sanjay Raja, Deutsche Bank Research, Bloomberg Finance LP