Dong… dong…

by | Feb 19, 2010


Ask not for whom the bell tolls: it tolls for the UK, as Jennifer Hughes has it…

A UK newspaper is said to have once run the headline “Fog over Channel, Continent Isolated”.

British attitudes may have changed since, but there will be some in London watching the eurozone wrangles over Greece and thanking the UK’s monetary isolation. But this would not reflect the market reality: while headlines have focused on Greece and the other weak eurozone members, investors have been steadily selling UK debt.

On Thursday this reached some milestones; 10-year gilt yields hit 15-month highs and the spread, or premium the UK pays over German borrowing costs, reached a full percentage point for the first time in four years. The UK now pays as much to borrow as Italy, considered one of the more vulnerable eurozone members and – at best – rated two notches below Britain.

Author

  • Alex Evans

    Alex Evans is founder of the Collective Psychology Project, which explores how we can use psychology to reduce political tribalism and polarisation, a senior fellow at New York University, and author of The Myth Gap: What Happens When Evidence and Arguments Aren’t Enough? (Penguin, 2017). He is a former Campaign Director of the 50 million member global citizen’s movement Avaaz, special adviser to two UK Cabinet Ministers, climate expert in the UN Secretary-General’s office, and was Research Director for the Business Commission on Sustainable Development. He was part of Ethiopia’s delegation to the Paris climate summit and has consulted for Oxfam, WWF UK, the UK Cabinet Office and US State Department. Alex lives with his wife and two children in Yorkshire.


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