UK short-term borrowing costs shoot past ‘mini-budget’ crisis levels on strong labor data

LONDON — U.K. borrowing costs, as measured by the yield on short-dated government bonds, rose above levels last seen following Britain’s market-destabilizing “mini-budget” after labor market data showed rising wage growth on Tuesday.

The yield on two-year gilts was up 23 basis points to 4.876% at 4:40 p.m. London time, according to Refinitiv data, surpassing the 4.75% set on…