For one day under Liz Truss as Prime Minister the ten year UK government borrowing rate of interest hit 4.38 per cent. Thirty year money cost 4.8 per cent. The government did not actually borrow at these rates. The Bank of England changed its policy from selling government bonds to buying  them again and the interest rate subsided as the bonds rose in price in relief. These longer term rates of interest are settled by the bond market. [...]