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UK bond yields set for biggest daily surges in decades

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Britain's Chancellor of the Exchequer Kwasi Kwarteng to deliver mini-budget

(Reuters) - British bond yields were set for their biggest daily rises in decades on Friday after finance minister Kwasi Kwarteng announced tax cuts and household support measures and the UK debt office laid out plans for 72 billion pounds of additional issuance for this financial year to fund the stimulus.

Two-year gilt yields extended their rise to a new high since October 2008 and were last up 47 basis points in the biggest daily jump since November 2009.

Five-year yields, sensitive to economic policy expectations, rose to a similar high and were up 47 bps in the biggest daily rise since 1991.

Benchmark 10-year yields were up over 30 basis points, the biggest daily rise since 1998.

(Reporting by Yoruk Bahceli; editing by Dhara Ranasinghe)