In 1980, the Wilson Report was published, recommending that the UK government should issue index-linked gilts for pension funds. Announced in the budget on 10 March 1981 budget, the first issue was for £1 b at par on 27 March 1981. The initial approved pension schemes ownership was relaxed a year later.

Within a year, 4 index-linked stocks had been issued, 3 (including the very first) bearing a coupon of 2.0 % with 1 bearing a coupon of 2.5 %. Since then, using the data available, yields on index-linked gilts have fluctuated enormously, reaching as high as 4.5 % (Dec 1991) and as low as -2.6% (Nov 2021). These fluctuations are charted as 1985 to 2022 (annual), 1998 to 2022 (monthly), 2015 to 2022 (monthly), and 2019 to 2022 (monthly). The third was chosen to show a Brexit referendum impact and the fourth to illustrate the LDI impact in 2022.