British debt concerns have led to the 30-year government bond yields rising to their highest level since 1998, as the market responds with a downturn.

On Tuesday, the UK market experienced a new round of sell-offs, with long-term bond yields reaching their highest level since 1998, and the pound falling sharply. At the same time, UK Prime Minister Keir Starmer is facing increasing pressure to work towards gaining investors' trust in the government's budget. The UK's precarious financial situation and high inflation have made it the focus of market attention, with UK assets increasingly entering a phase of weakness. For UK Chancellor of the Exchequer Rishi Sunak, the problem is that each market downturn raises the cost of debt, further worsening the fiscal background and exposing the UK economy to the risk of sustained rising borrowing costs. Sunak plans to release a budget plan by the end of the year, and is currently urgently seeking ways to cut spending or increase taxes to fill the estimated 35 billion budget gap without stifling economic growth. However, this may face significant political difficulties - the government had to withdraw welfare reform plans earlier due to opposition from MPs.