10-year gilt yield (nominal par), United Kingdom
The 10-year gilt yield in the United Kingdom was 5.37% in , up 0.31 pp from and up 0.68 pp from a year earlier. Over the latest 12 readings it moved between 4.29% and 5.37%. The next reading is for October 2026. Source: Bank of England, Bank of England Database IUMMNPY; history from .
Key takeaways
- The 10-year gilt yield at 5.37% in beats 100% of readings since (Bank of England).
- Against a ten-year average of 2.39%, the 10-year gilt yield is above that norm by 2.98 pp (Bank of England).
- On the 10-year gilt yield, the United Kingdom ranks 1st highest of 4 countries (national publishers).
What this indicator is and why it matters
The 10-year gilt yield is the nominal par yield on UK government bonds with ten years to maturity, from the Bank of England's estimated yield curve, recorded at the end of each month (series IUMMNPY). It is the benchmark long-term interest rate for the United Kingdom.
It sets the cost of long-term government borrowing and, with it, a large part of the debate about UK public finances, since higher yields raise the interest bill on new debt. Pension funds and insurers hold large amounts of gilts against their long-dated liabilities, and banks hold gilts as liquid assets, so changes in this yield move the value of their holdings. Corporate bonds and long-term fixed loans are priced against it.
Keep three things in mind. These are end-of-month readings, not monthly averages, so they can capture a sharp move on the last days of a month. Gilt yields can move independently of other markets when investors question UK fiscal policy, as in the autumn of 2022, when the sell-off forced pension funds using leveraged hedging strategies to sell gilts and the Bank of England stepped in. And for inflation-adjusted returns, the UK also issues index-linked gilts, which this nominal series does not cover.
Where it sits in history
The 10-year gilt yield is at its highest since , when it stood at 5.48%. Within ten years, the 10-year gilt yield beats 100% of readings.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since January 2006 | 100% of readings | 2.80% | 5.48% | 0.17% |
| Last ten years | 100% of readings | 2.39% | 5.37% | 0.17% |
| Last five years | 100% of readings | 3.79% | 5.37% | 0.84% |
- 10-year gilt yield (nominal par) 5.4%
Recent readings
Last five years
- 10-year gilt yield (nominal par) 5.4%
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| 5.37% | +0.31 pp | |
| 5.06% | +0.04 pp | |
| 5.03% | +0.28 pp | |
| 4.74% | -0.03 pp | |
| 4.78% | -0.18 pp | |
| 4.96% | +0.10 pp | |
| 4.86% | +0.57 pp | |
| 4.29% | -0.22 pp | |
| 4.52% | +0.05 pp | |
| 4.47% | 0.00 pp | |
| 4.47% | +0.05 pp | |
| 4.42% | -0.27 pp | |
| 4.69% | -0.03 pp |
Annual averages
By calendar-year average, the 10-year gilt yield peaked in (4.99%) and bottomed in (0.34%). 2026 to date: 4.85%, after 4.54% in 2025.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2026 (part year) | 4.85% | 4.29% | 5.37% | 9 |
| 2025 | 4.54% | 4.41% | 4.72% | 12 |
| 2024 | 4.17% | 3.90% | 4.52% | 12 |
| 2023 | 4.06% | 3.46% | 4.53% | 12 |
| 2022 | 2.56% | 1.33% | 4.16% | 12 |
| 2021 | 0.84% | 0.42% | 1.05% | 12 |
| 2020 | 0.34% | 0.17% | 0.61% | 12 |
| 2019 | 0.91% | 0.51% | 1.34% | 12 |
| 2018 | 1.44% | 1.32% | 1.56% | 12 |
| 2017 | 1.24% | 1.06% | 1.46% | 12 |
| 2016 | 1.27% | 0.73% | 1.68% | 12 |
| 2015 | 1.89% | 1.40% | 2.14% | 12 |
| 2014 | 2.51% | 1.82% | 2.81% | 12 |
| 2013 | 2.40% | 1.75% | 3.05% | 12 |
| 2012 | 1.87% | 1.57% | 2.28% | 12 |
| 2011 | 3.10% | 2.06% | 3.79% | 12 |
| 2010 | 3.56% | 2.94% | 4.08% | 12 |
| 2009 | 3.67% | 3.23% | 4.07% | 12 |
| 2008 | 4.54% | 3.35% | 5.23% | 12 |
| 2007 | 4.99% | 4.56% | 5.48% | 12 |
| 2006 | 4.51% | 4.14% | 4.73% | 12 |
Same measure in other countries
The 10-year gilt yield in the United Kingdom is above 3 of the other 3 comparable readings. Four countries compared.
| Country | Series | Latest | Period | Change on a year earlier |
|---|---|---|---|---|
| United Kingdom | 10-year gilt yield (nominal par) | 5.37% | +0.68 pp | |
| United States | 10-year Treasury yield (constant maturity) | 4.99% | September 2026 | +0.87 pp |
| Canada | Government of Canada 10-year benchmark bond yield | 3.88% | September 2026 | +0.66 pp |
| Australia | Australian Government 10-year bond yield | 5.28% | September 2026 | +0.99 pp |
Compared with the 5-year gilt yield
The gap between the 10-year gilt yield and the 5-year gilt yield was 0.45 pp in , an upward-sloping curve. A year earlier, in , the figure was 0.65 pp. Five-year range: -0.28 pp () to 0.72 pp ().
- 10-year gilt yield (nominal par) 5.4%
- 5-year gilt yield (nominal par) 4.9%
How is it measured?
End-month 10-year nominal par yield from the Bank of England's British Government Stock yield curve.
Bank of England publishes the 10-year gilt yield monthly in Bank of England Database IUMMNPY, in percent. Code: IUMMNPY. Monthly basis: each month shows the value at the end of the month, not an average. Method for the 10-year gilt yield.
Questions
How high is the 10-year gilt yield in the United Kingdom now?
5.37% in (Bank of England), up 0.68 pp on a year earlier.
Is the 10-year gilt yield high by historical standards?
The 10-year gilt yield beats 100% of readings since ; its peak was 5.48% (), its low 0.17% ().
When is the 10-year gilt yield updated?
Monthly, in Bank of England Database IUMMNPY. Next reading: October 2026.
Where can I check the 10-year gilt yield at the source?
Bank of England data, code IUMMNPY.