Bank of England Governor Andrew Bailey told lawmakers on the Commons Treasury Committee that the recent steepening of the UK yield curve mirrors developments in other major markets and is "a global phenomenon." Long-dated gilt yields have risen relative to short-dated maturities, he said, reflecting broad shifts rather than factors unique to the United Kingdom. Bailey attributed the move chiefly to greater uncertainty over international trade policy and to doubts surrounding domestic fiscal plans. Those factors, he said, are feeding into higher bond term premia—the extra yield investors demand for holding longer-dated debt. The governor added that the composition of borrowing has tilted further toward the public sector as government issuance grows and private-sector demand for credit moderates, reinforcing upward pressure on long-term rates.