UK gilt yield spread: 10-year minus 5-year
UK gilt yield spread: 10-year minus 5-year stood at 0.39% on Oct 15, 2026, according to Bank of England. It is one of the indicators in the Gilt yields table (Value · Daily), with a complete series running from Dec 1, 1993 to Oct 15, 2026. The complete series with an interactive chart, free to download.
This indicator in the Gilt yields table
| Indicator | 15-10-2026 | 14-10-2026 | 13-10-2026 | 12-10-2026 | 09-10-2026 | 08-10-2026 | 07-10-2026 | 06-10-2026 | 05-10-2026 | 02-10-2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Yield curve spreads | |||||||||||
| 10-year minus 5-year spread | 0.39 | 0.41 | 0.41 | 0.41 | 0.43 | 0.44 | 0.44 | 0.44 | 0.43 | 0.44 | |
| 20-year minus 10-year spread | 0.33 | 0.34 | 0.33 | 0.34 | 0.35 | 0.36 | 0.37 | 0.36 | 0.37 | 0.35 |
Understanding UK gilt yield spread: 10-year minus 5-year
Slope dynamics along the intermediate portion of the sovereign yield curve for the United Kingdom are tracked by calculating the mathematical difference between the ten-year and five-year nominal yields. This metric isolates the term premium differential between medium-term and longer-term borrowing, serving as a classic gauge of monetary policy stance and growth expectations nationwide. Unlike spreads involving the very short end of the curve, this intermediate measure avoids distortions from overnight operational rates while remaining distinct from ultra-long structural trends.
Interpreting this spread requires monitoring whether the value remains positive or drops below zero, as historical convention treats structural inversions as signals of shifting economic cycles. Analysts should avoid comparing this specific spread directly against wider curve differentials, as different segments of the debt market respond to distinct macroeconomic drivers. Daily fluctuations can be noisy, making moving averages a more reliable tool for identifying genuine trend shifts.
Frequently asked questions
- What does a narrowing of this spread indicate?
- It suggests that medium-term yields are rising faster than ten-year yields, often pointing to shifting monetary policy expectations.
- Why subtract the five-year yield from the ten-year yield?
- This specific subtraction isolates the slope of the curve specifically across the medium-term horizon.
- Is this spread adjusted for inflation?
- No, it is calculated using nominal yields, meaning inflation expectations are embedded within both components.