Former PM Truss warns UK bond sell-off could trigger emergency spending cuts

PANews reported on September 2, citing CoinDesk, that former UK Prime Minister Liz Truss said the surge in global government bond yields stems from countries' "high debt and currency debasement," and that the UK is one of the major economies with the most prominent risks. She said the Bank of England "printed money and diluted the currency" through quantitative easing, causing UK borrowing costs to rank among the biggest increases in major developed economies, with the 10-year government bond yield rising to about 5.2% and the 30-year yield approaching 6%. Truss said that if the UK does not accelerate economic growth through supply-side reforms and control spending, it may be forced to implement "mandatory emergency spending cuts." Meanwhile, the US 10-year Treasury yield has climbed back above 4.8%, and gold and Bitcoin have pulled back from their highs after earlier sharp gains.