Reeves Says UK Still Relies on Overseas Buyers for Gilts

UK Chancellor of the Exchequer Rachel Reeves said the government remains "very reliant on the goodwill of strangers" to finance public borrowing, underscoring continued dependence on overseas demand for gilts even after recent market volatility. Reeves told reporters that global factors are driving up the cost of borrowing, complicating the Treasury’s efforts to stabilise the public finances. She added that any move to compel domestic pension funds to increase gilt purchases is merely a reserve power, not a policy the government plans to activate immediately. The chancellor also urged companies to limit their reliance on immigration to address labour shortages, arguing that firms should invest in skills and productivity instead of defaulting to migrant labour.