Question to the HM Treasury:

To ask His Majesty's Government how much UK debt is linked to the retail prices index; and what assessment they have made of how this compares to the debt of other G7 countries.

As set out in the 2026-27 Debt Management Report, when determining the annual financing remit the Government issues an appropriate balance of conventional and index-linked gilts, with the latter linked to the Retail Prices Index. In determining this mix, the Government considers the level of structural demand, the diversity of the investor base and its preferences for inflation exposure.

The report shows that the stock of index-linked gilts stood at around £668 billion at the end of 2025 in nominal uplifted terms, equivalent to around 25.2% of the Government's debt portfolio. The proportion of index linked debt in the Government's wholesale debt portfolio is higher than other G7 countries, largely due to the historical high level of structural demand for such instruments, from pension funds in particular.