Yield on 10-year government bonds passes 5% amid failure to pass budget and fallout from violent street protests

Business live – latest updates

France’s borrowing costs have climbed above 5% for the first time in 24 years as political concerns and the government’s failure to agree a much-delayed budget spook the financial markets.

With some civic buildings still smouldering from recent riots,a fresh bout of selling pushed up the yield – or interest rate - on bonds issued by the second-largest economy in the eurozone.