9.01 Gilts are marketable securities issued by the government. The name ‘gilt’ is short for ‘gilt-edged’, a name that the financial markets have given to UK government securities because of their reputation as one of the safest sterling instruments in which to invest. The gilt market, which can trace its ancestry to the late 17th century, has evolved to become a modern dynamic market. Gilts account for the vast majority of the UK government’s marketable sterling debt and are issued by the UK Debt Management Office (DMO) on behalf of HM Treasury. 9.02 This chapter...
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