From here:
https://commonslibrary.parliament.uk/what-are-gilts-a-simple-guide
Sounds very simple when put it like they do.
Then at the very bottom these snippets:
What is the value of all gilts?
As of 16 December 2024, the total value of all outstanding gilts was £2.6 trillion. This makes up the vast majority of the UK Government’s debt. As of the second quarter of 2024, around 31%, or £635 billion, of gilts were held overseas.
How much does the government spend on interest?
In the financial year 2023/24, the UK Government spent £107 billion on paying interest on all its debt, with the majority on gilt interest payments. This was up from around £40 billion in the years before the covid-19 pandemic. The main reasons for the increase are higher interest rates and the period of high inflation that increased the interest payments on index-linked gilts.
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