mean we've seen a scenario where there's been a what would be described as a sell-off in

UK guilt over recent weeks month and also the pound the pound has been falling against the

dollar they continue to to fall yesterday after the Bank of England decision because it only only cut by 0.5

percent rather than 0.75 percent. And we've seen UK government borrowing costs, which

guilts are the name for UK government bonds. Again, the cost of our borrowing is rising today.

Yields are going up.

Prices are falling prices and yields move in the opposite direction to each other.

So, for example, 10-year guilds are now trading at 3.8%.

On the five-year guild, that's about 4%,

and that's moved up by about 50 basis points to doubt.

What that says is that markets are not entirely convinced by what's going on,

but also that they see that we are going to have to do an awful lot more borrowing.

And if we're going to have to do an awful lot more borrowing, that means that the supply of UK government bonds is going to

rise dramatically and that there might be too much supply and not enough demand for them.

Therefore, the rates being offered on those bonds are going to have to go higher, which means that bonds that already exist, people, the price of them is falling and the rates are going up correspondingly because people don't want to buy old bonds that pay lower coupons.

Does that make sense?

My explanation at the government bond market?

It does, yeah.

So what?

Well, I mean, these things swing around.

And part of this is to do with how, by how much the US is raising interest rates.

And this is putting the squeeze on quite a lot of other countries, actually.

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