Gilt yields pass 1% for first time since Brexit vote as pound slump continues

The yield on the 10-year note rose 0.06 percentage points to 1.02%, up from 0.73% last Monday, according to Tradeweb, the fifth session in a row that prices have fallen on the instruments. Gilt yields have risen sharply in the last week in line with sterling's decline, with the pound currently worth $1.24 against the dollar, down from $1.30 last Monday. This could suggest that overseas investors are shedding sterling assets as fears over a hard Brexit appear to be gathering momentum. It was revealed this morning that Treasury reserves may take a £66bn annual hit if Britain goes for...