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Government Securities

Question for Treasury

UIN HL1693, tabled on 5 July 2021

To ask Her Majesty's Government what is the total amount of index-linked government stock; and what percentage of total government debt it represents.

Answered on

13 July 2021

The total amount of index-linked gilts (ILGs) in issue on close of business 05 July 2021 stood at £476.93 billion including inflation uplift (£357.60 billion nominal excluding inflation uplift). Therefore, ILGs represent 22.79% of the total amount of wholesale government debt outstanding (£2,092.42 billion as of 05 July 2021 including inflation uplift for ILGs). Further details on the ILGs in issue can be found on the Debt Management Office (DMO) website.

Following a revision to the DMO’s financing remit in April 2021, £29.4 billion of ILGs are planned to be sold in 2021-22. This accounts for 11.6% of all gilt financing plans in this fiscal year.

The Government considers the appropriate balance between index-linked and conventional gilts when setting its financing plans, taking account of the level of structural demand, the diversity of the investor base, and the Government’s desired inflation exposure. Decisions on precise levels of ILGs and conventional issuance continue to be taken annually through the financing remit, taking into account market and demand conditions as well as other factors.

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