Don’t forget, some of the inflation risk premium in the UK is structural as demand from defined benefit pension schemes and (increasingly) insurers who are taking on those liabilities.
Of course-- though I've always been surprised the presence of such strong structural demand for linkers hasn't persuaded the government to skew issuance even further towards them (admittedly from an already-high level vs most similar countries...)
Don’t forget, some of the inflation risk premium in the UK is structural as demand from defined benefit pension schemes and (increasingly) insurers who are taking on those liabilities.
Of course-- though I've always been surprised the presence of such strong structural demand for linkers hasn't persuaded the government to skew issuance even further towards them (admittedly from an already-high level vs most similar countries...)