In a week that saw U.K. long-term borrowing costs hit a 27-year high, we also got a date for Chancellor Rachel Reeves' Autumn Budget - November 26. CNBC's Ritika Gupta breaks down all the latest developments.

London

The UK market faced a turbulent period marked by political reshuffling and a delay in the government's autumn budget announcement. Darren Jones was appointed Chief Secretary to the Prime Minister, a move seen as potentially reducing Chancellor Rachel Reeves' influence as she prepares the budget. The new budget date was set for late November, amid speculation about a looming fiscal shortfall and limited options for tax increases or spending cuts.

This uncertainty contributed to pressure on the FTSE, sterling, and especially UK government bonds, with 30-year gilt yields reaching their highest level in 27 years before retreating. Bank of England Governor Andrew Bailey attributed much of the bond market movement to global factors and cautioned against overemphasizing the significance of the 30-year bond rate, noting that the UK's yield curve steepening was in line with other developed economies.

Bond turmoil and a budget date: The week that was for UK markets

Well the week started off with a reshuffle on Downing Street. Darren Jones, the former Treasury number two, was appointed to a newly created role as Chief Secretary to the Prime Minister. The move has been seen by many as sidelining Chancellor Rachel Reeves as she prepares to deliver her autumn budget. Also interesting is what this new appointment means for Deputy Prime Minister Angela Rayner, especially as her role is in question over a stamp duty scandal. Meanwhile we got a new date for Chancellor Rachel Reeves' autumn budget, kicking the can down the road to November 26th amid speculation she's facing a fiscal black hole. Now the delayed date means more time for the government to deliver good economic news potentially, but also more time to deliver bad news. We've been speaking to analysts asking about concerns around the UK's fiscal position as Rachel Reeves prepares to deliver her autumn budget. Our calculation suggests there's hardly any fiscal headroom left, if anything we've probably exhausted it completely already, so that will push her towards very difficult decision whether she address some of that situation aggressively with some tax hikes or aggressive spending cuts, but that could have difficult and negative consequences from a growth perspective, or whether she tries towards a more kind of muddled through type of scenario, which is probably what the markets are expecting at this moment. We do not think she will go all the way towards changing her fiscal targets because that would undermine fundamentally the credibility. There are fiscal constraints in place, a gift shall we say from Liz Truss's premiership that reminded us that bond vigilantes see the UK bond market as a whipping boy and it can't get away with the same scale of fiscal largesse that we see in the US, and that constraint has led to fiscal rules being in place and the government at every opportunity saying they're ironclad, they're non-negotiable, and as soon as the bond market starts to believe that, and probably the autumn budget is another chance for them to send that message that we are a safe pair of hands in a world where everyone else is pressing on that fiscal tap more and more, that could offer a bid for guilt. And all this uncertainty put more pressure on UK markets with the FTSE and sterling coming under pressure as investors digested political developments. The biggest moves however were in the bond market with the UK part of what was a global route, the yield on the 30-year guilt spiked to a 27-year high nearing 5.7 percent. Now we're seeing signs of stabilization with long-term borrowing costs retreating to round levels where it started the week. Bank of England Governor Andrew Bailey weighed in on the guilt market moves suggesting investor reaction was overblown. You've seen a steepening of yield curves across the whole developed world really. So I mean I do think, two points I'll make on this, first of all the underlying you know driver of this is global. Indeed when you look at UK yields in terms of the steepening we're actually about in the middle of the pack so Germany and Japan have gone up considerably more than us. It's important not to over focus on the 30-year bond rate. Of course it's you know it's a number that gets quoted a lot, it's quite a high number. It is actually not a number that is being used for funding you know at all at the moment actually.

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