Gilts ease, pound falls after Reeves fiscal pledge

UK gilt yields dipped after Chancellor Rachel Reeves reaffirmed an ironclad commitment to fiscal rules and signalled a possible income tax rise. The 10-year yield fell as much as six basis points to 4.38% before the move eased. The FTSE 100 fell about 1% to 9,608.9, while sterling slipped a further 0.3% against the dollar and euro.