The gilt market is an interesting one today as we see some compression in the curve on a long-end led bull flattener. UK 2s appear to have found a floor at 3% while 10s dive towards the same level.

UK 10s daily
UK 10s daily

What struck me about today's UK budget was that even with all the tax hikes and austerity, it only lowers UK debt to GDP by a tiny fraction over the forecast horizon.