The UK 10-year gilt yield rose to 4.46%, rebounding from an 11-month low below 4.4% on October 29, as investors positioned ahead of Thursday’s Bank of England meeting. The central bank is widely expected to keep rates unchanged, but softer inflation and wage data have strengthened the case for rate cuts in coming months. Expectations have also grown for Chancellor Rachel Reeves to announce tighter fiscal measures in her November 26 budget to address the UK’s large borrowing needs. In a pre-budget speech, Reeves signaled upcoming tax increases and emphasized the need to control debt and borrowing costs. Meanwhile, data showed Britain’s services sector gained momentum in October, with output and new orders improving and business confidence hitting a one-year high.