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Investors demand a risk premium on UK government bonds, with the 10-year yield rising to 4.922%, as focus shifts to next week's by-election.

Tickmill Group analyst Patrick Munnelly pointed out in a report that due to political uncertainty and doubts over the government’s fiscal policy, investors are demanding an additional risk premium when purchasing UK government bonds. The market may shift its focus to the upcoming special election in the Macclesfield constituency next week, where UK leadership contenders and Burnham are vying for the parliamentary seat.Munnelly stated that long-term UK government bond yields have remained high as investors seek compensation for fiscal and political uncertainty. According to Tradeweb data, the 10-year UK government bond yield rose by 2 basis points, most recently quoted at 4.922%.From a trading sentiment perspective, the rise in long-term yields reflects a weakening market confidence in UK fiscal discipline, with investors requiring a higher term premium to hold long-term bonds. The by-election result may be viewed as a kind of test for the current policy direction; if the result leads to political changes, yields could rise further. Looking ahead, attention will be on the UK Chancellor’s budget statement and the ongoing impact of inflation data on the UK government bond market.

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