The new year has brought a head-splitting hangover for Britain’s government. Gilts—British government bonds—have sold off sharply in the first days of 2025, deepening a rout that has been going on for months. By January 9th 30-year yields had climbed to 5.38%, the highest in nearly three decades. Ten-year yields were at 4.81%, the most since the financial crisis of 2007-09.