Economists warn that the UK government, led by Chancellor Rachel Reeves, is likely to miss its Budget borrowing targets due to soaring interest rates on long-term government bonds (gilts). The yield on 30-year gilts reached 5.25%, the highest this century. The Office for Budget Responsibility will update its forecasts in March, with concerns about fiscal rules and the implications for public spending. The government may need to consider spending cuts to address the rising costs of borrowing, which already consume a significant portion of public funds.