<div id="readability-page-1">  <p><time datetime="2026-04-17T16:30:18+01:00">    Friday 17 April 2026 4:30 pm  </time>      <span> | </span><span> Updated: </span>   <time datetime="2026-04-17T16:31:30+01:00">    Friday 17 April 2026 4:31 pm  </time></p>         <div>                                                                                                                 Add as a preferred        source on Google                        </div>    <figure>    <div>       </div> <img width="742" height="495" src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2024/09/GettyImages-2159995438-e1733828975553.jpg/query-dz03NDI?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2024/09/GettyImages-2159995438-e1733828975553.jpg/query-dz03NDI"/>  <figcaption>Keir Starmer could be forced to wave goodbye to life in Downing Street sooner than he might like</figcaption> </figure> <p>Bond traders are bracing for the prospect of a surge in gilt yields as uncertainty over the future of Keir Starmer’s term in office could pave the way for a more left-wing successor.</p><p>A Starmer defenestration could be just weeks away amid renewed scrutiny over the botched appointment of Peter Mandelson as Washington ambassador and a high chance Labour will haemorrhage hundreds of councillors at May’s local elections as the party languishes in the polls.</p><p>Any replacement for Starmer is widely viewed as likely to come from the left of the party, triggering rising bond yields as investors reel from a government spending splurge.</p><p>In an interview with <em>City AM</em>, Mike Bell, head of market strategy at RBC BlueBay Asset Management, said: “If you look at the bookies at the moment, they’ve got [Angela] Rayner as the favourite – that’s clearly a shift to the left relative to a kind of more center left government at the moment.</p><p>“It’s possible that under a more left leaning government, you get a combination of tax increases as well as more spending.</p><p>“I think markets will assume that you’ll have some fiscal loosening in that position. And with that you could potentially see gilt yields rise.”</p>               <span>Play Video</span>             <h2 id="h-bond-yields-highest-in-the-g7"><strong>Bond yields highest in the G7</strong></h2><p>UK government bond yields are already the highest in the G7, thanks to a combination of higher inflation, higher central bank interest rates and the UK’s sizable exposure to the economic fallout from the war in Iran.</p><p>Earlier this week the government’s Debt Management Office (DMO) sold 10-year bonds at the highest yield since the global financial crisis.</p><p>But a more radical left-wing government could add an additional risk premium to UK bonds, pushing yields up further still.</p><p>“If the government does come out with a material fiscal package by breaking its fiscal rules, then that would obviously mitigate some of the growth shock,” said Cosimo Codacci-Pisanelli, a managing director in EMEA interest rate product sales at Goldman Sachs.</p><p>“And I think we would be in a very bearish rates environment again and flip back to talking about fiscal sustainability and the possible risks of a bond market tantrum of some kind.”</p> </div>

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<p>债券交易员正在为由于基尔·斯塔默（Keir Starmer）领导层的不确定性而可能出现的英国国债收益率上升做准备，市场上对工党可能向左转的猜测不断增加。分析师指出，若出现更倾向左翼的接任者，可能会导致政府支出增加和税收上调，进一步影响债券收益率。目前，英国政府债券收益率已经是七国集团中最高的，受到通货膨胀和利率的影响。激进的财政政策可能会加大债券市场的风险，引发市场恐慌</p>

‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain

cityam

iShares Core UK Gilts UCITS ETF

Lyxor Core UK Government Inflation-Linked Bond (DR) UCITS ETF

iShares GBP Index-Linked Gilts UCITS ETF

Lyxor Core UK Government Bond (DR) UCITS ETF

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‘债券市场动荡风险’：由于斯塔默的未来不确定，英国国债交易员准备应对工党可能的左倾转向