A recent rise in gilt yields reflects improved hopes for growth in the U.S. and other overseas economies, rather than any domestic issues, Bank of England rate-setter Ben Broadbent said Thursday.

His comments follow speculation that the rise in yields reflects investor concern over the coalition government's fiscal austerity program. Fitch Ratings on Wednesday warned it could cut its rating on U.K. debt because of threats to growth.

Broadbent was responding to questions from economists after a speech here.

-By Alex Brittain, Dow Jones Newswires; +44 20 7842 9203; alex.brittain@dowjones.com