The UK bond market is a £3 trillion giant split into gilts (£2.6 tn of government debt in 150+ fixed and inflation-linked issues) and corporate bonds (£500 bn of investment-grade and high-yield notes from 1,000+ firms). £25–30 bn changes hands daily, owned 40% by overseas funds, 30% by UK pensions/insurers, and 15% by the Bank of England