UK markets tumbled on Nov. 14, 2025, after tax plan rumors sparked bond sell-offs and yield spikes.

UK financial markets fell on November 14, 2025, after speculation that Chancellor Rachel Reeves had reversed plans to raise income taxes, sparking a sell-off in government bonds and pushing 10-year and 30-year gilt yields to multi-day highs. The pound dipped initially but stabilized, while the FTSE 100 dropped nearly 1%. Investors reacted negatively to concerns over unfunded spending and weakened fiscal credibility ahead of the November 26 Budget, amid weak economic data and political uncertainty. Analysts warned the lack of clear fiscal guidance could lead to higher borrowing costs and market instability.