Yesterday, we learned that the cost of government borrowing is now the highest in two decades.

In early 2026 UK gilt yields rose sharply, with the 10-year yield crossing 5% — reported as the highest since the 2008 financial crisis — and the 30-year yield reaching levels not seen since the late 1990s. 'Highest in two decades' is a fair characterisation of borrowing costs at that point.

▸ House of Commons Library — What are government debt and debt interest? (CBP-10842)

Checked Wed 1 Jul, 09:53 · Broadcast: PMQs: Prime Minister's Questions - 29 April 2026

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More fact-checks of “PMQs: Prime Minister's Questions - 29 April 2026”

True · When they came into power, defense spending was 2.5%, and when they left power, it was 2.3%.

True · This is the Labour government that increased defense spending to the highest sustained spend since the Cold War.

Imprecise · At the Spring Statement, the Chancellor was very proud to say inflation was down to 3% and falling.

True · Experts are warning that food prices will rise by 10% this year as farmers' costs soar.

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