Afternoon Rate Update

PWLB Rates PM Update – 03 Mar 2026 12:11

PWLB fixed rates reset at 12:11 with a notable upward move across the curve versus previous levels.

PWLB PM Snapshot

• 1y: 4.71% (+4bp)
• 3y: 4.82% (+6bp)
• 5y: 5.00% (+6bp)
• 10y: 5.54% (+7bp)
• 25y: 6.17% (+6bp)
• 50y: 5.99% (+7bp)

What’s New Since This Morning

• Rates rose sharply across all key maturities, with the 10y and 50y up the most (+7bp).
• The move is broad-based, affecting both short and long ends of the curve.

Context

• Spring Economic Statement released; no major surprises flagged in immediate market reaction.
• News flow dominated by escalating Middle East conflict, with significant disruption to global energy supply chains (oil and gas), driving up energy prices and global bond yields.
• UK government borrowing costs and Gilt yields spiked in parallel with global moves, as inflation concerns intensify on the back of higher energy prices.
• UK shop price inflation (BRC) came in below forecast at 1.1%, but this had limited impact versus the broader risk-off and inflationary backdrop.

Look Ahead

• Diary is light into tomorrow for GBP high/medium-impact events.
• Tomorrow 09:30: GBP S&P Global Services PMI Final (Forecast: 53.9).

PWLB rates have moved materially higher this afternoon, reflecting global market volatility and heightened inflation risk from ongoing geopolitical events.

This commentary is provided for informational purposes only and should not be construed as financial advice. Market conditions can change rapidly, and you should always verify current rates directly with the PWLB or through official channels before making borrowing decisions. Past performance is not indicative of future results.