A Treasury gilt auction failed for the first time in seven years today as investor fears grow on the state of the Government's finances.
The Debt Management Office saw bids of just £1.67bn for its sale of £1.75bn worth of gilts with a 2049 maturity, a cover of just 0.93 times. It is understood the take-up is the lowest in history. In comparison, the average cover of the last three auctions was 2.1 times. However, the Government moved quickly to deny the failed auction was a result of fears over the escalating levels of UK debt. IFAonline
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