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 said the move in gilt yields doesn't stem from news in the U.K.

"I'd say it's due to more positive news about global growth, in particular from the United States," he said.

But government bond yields in general aren't yet giving a markedly positive signal on the economy, he said. "There are still big concerns" surrounding the euro zone, even after the European Central Bank's injection of around a trillion euros into the banking system to ease tensions.

"One should keep the recent [positive] news in perspective," he said.

Broadbent was responding to questions from economists after a speech.

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