Chancellor calls UK bond market a ‘safe haven’
Investors have flocked to the safety of UK bonds after last week's volatility in European and US markets, UK chancellor of the exchequer, George Osborne, said on Thursday.
In a speech delivered to parliament, Osborne said although UK markets had been hit hard by events globally, with the FTSE 100 down by 16% over the last month, UK government bonds had benefited from the "global flight to safety".
Osborne said the falls in firstly, UK gilt yields to around 2.5% – their lowest in more than 100
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