<div id="readability-page-1"> <time datetime="2026-02-09T11:41:18+00:00"> Monday 09 February 2026 11:41 am </time> <figure> <div> </div> <img width="742" height="495" src="https://imageproxy.pbkrs.com/https://www.cityam.com/wp-content/uploads/2026/01/GettyImages-2251744893-e1767361358121.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/2026/01/GettyImages-2251744893-e1767361358121.jpg/query-dz03NDI"/> <figcaption>Keir Starmer's leadership troubles are keeping investors on edge. </figcaption> </figure> UK bond markets showed further signs of unease on Monday morning after a series of Downing Street resignations concentrated minds on the uncertain future of prime minister Sir Keir Starmer.The 10-year gilt yield – a key benchmark for the government – rose as much as six basis points to 4.57 per cent following news of the resignation of Downing Street communications chief Tim Allan, the second such departure of a close Starmer aide in 24 hours following the exit of chief of staff Morgan McSweeney on Sunday. The move, while larger than the average daily gilt yield move of around four basis points, means yields remain below last week’s peak of 4.6 per cent and represents a more muted market reaction than on other calamitous days, such as when Chancellor Rachel Reeves was spotted sobbing in the House of Commons last July, which sparked a 16 basis point surge.Starmer has been feeling the heat of renewed pressure following the departure of his chief of staff and right-hand-man Morgan McSweeney.McSweeney fell on his sword for appointing Peter Mandelson to the post of US ambassador – a move which has faced intensified scrutiny after the latest drop of Epstein files unveiled close ties between the Labour veteran and the convicted sex offender, including signs Mandelson shared market-sensitive data with Epstein while he served as business secretary.He said advising Starmer to name Mandelson as ambassador was “wrong” and he took “full responsibility”.It follows Starmer backing McSweeney just days prior at Prime Minister’s Questions, where the Labour leader said “of course” he had full confidence in his top adviser.In a statement on Monday Allan said: “I have decided to stand down to allow a new No10 team to be built. I wish the PM and his team every success.”<h2 id="h-yield-curve-in-focus">Yield curve in focus</h2>Over the last week, nerves have engulfed the bond market in a sign investors were betting against the stability of the Starmer government.The gulf in price between the UK’s short- and long-term debt – known as the yield curve – reached its highest since 2018 last Thursday, in a sign investors were losing faith in the long-term credibility of the UK economy even as the interest rate outlook improved.Borrowing costs for the 10-year gilt remained elevated last week as trades braced for the idea of a new leader from the left with looser fiscal discipline. The sell-off on Thursday widened the gap between the two- and 10-year bonds to over 95 basis points, its highest in nearly eight years.Investors fear any Starmer replacement would adopted a looser fiscal policy and weaken commitments on government spending, pushing up government borrowing further.However, bond yields remain below their 2025 peak of around 4.9 per cent.Starmer allies have pushed back against the idea of a regime change.On Sunday, work and pensions secretary and close Starmer-ally Pat McFadden rejected calls for a no-confidence vote.He told the BBC’s Sunday with Laura Kuenssberg programme: “Maybe one way we can be different is to not drop the pilot after 18 months and to stick with a leader and have consistency in leadership.” </div>

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英國債券市場因唐寧街一系列辭職事件而感到不安，包括通訊主管 Tim Allan 和首席幕僚 Morgan McSweeney 的辭職。10 年期國債收益率上升至 4.57%，反映出投資者對首相 Sir Keir Starmer 領導穩定性的擔憂。收益率曲線顯著擴大，表明市場對英國經濟長期信譽的信心下降。儘管面臨這些挑戰，Starmer 的盟友們仍在倡導領導層的穩定和一致性，拒絕對不信任投票的呼聲

唐寧街的辭職事件引發了債券市場的緊張情緒