The Debt Management Office plans to sell £250.6bn of gilts gross, Newsquawk reports. That is slightly above the £249.6bn expected and up from £246.2bn. Sales move away from long-dated gilts, towards short-dated gilts at auction and medium-dated gilts by syndication.
Newsquawk puts headroom against the fiscal rules at £14.5bn in the third year. That is more exact than the £15bn reported so far. It compares with £23.6bn in March 2026 and £21.7bn at the last Budget.
Gilts rose just under 20 ticks to a session high, then gave back some of the gains when the full OBR document was published. Newsquawk links the pullback to the OBR's comments on housing costs that sit outside the borrowing numbers. Reuters, via Global Banking & Finance, reports the 10-year yield down 2bp and the 30-year down 3bp, with the FTSE 100 and FTSE 250 up modestly.
MoneyWeek put the 10-year yield at about 5.36% at noon and 5.31% as John Healey began speaking. It was back to about 5.34% from 12:40pm.
Kathleen Brooks, research director at XTB, told Reuters: "It was meant to be a steady as you go budget. The bond market is calling it a very boring budget."
Newsquawk also notes that big decisions on welfare have been put off to 2027 or later, pending reviews due in November and the 2027 Spending Review.