UK government borrowing costs are almost 16 years.

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UK government borrowing costs rose on Friday but remained below Thursday’s high as investors awaited a key US jobs report later in the day.

The 10-year gilt yield rose 0.03 percentage point to 4.84 percent, but was still below 4.93 percent on Thursday, the highest since 2008.

Sterling was lower against the dollar, down 0.2 percent to $1.229.

Gilts have suffered in recent sessions amid rising government bond yields globally due to sticky inflation in some major economies.

Analysts said closely watched US jobs data in December, later on Friday, would help guide the direction of bond yields, including gilts.

The UK has been particularly hard hit by international sales prices, as investors fear the government’s high borrowing needs and rising inflation, combining anemic growth with persistent inflationary pressures.

The credibility of the government’s economic plans is vulnerable to the bond market crisis after Chancellor Rachel Reeves left herself just £9.9bn in her revised fiscal rules in last year’s Autumn Budget.

Since then, an increase in production has threatened that part of the budget swing. Given the implications for government interest payments of more than £100bn a year, bond yields are a crucial part of the budget.

Labor tried to reassure investors this week, Darren Jones, the number two in the UK Treasury, told MPs on Thursday that the government is committed to “economic stability and sound public finances”.