Much of the world's debt stock guarantees that investors will lose money.

As they cannot cut deposit rates below zero, they lose money in a negative rate world.

But if, like most private investors, you hold gilts through a fund that buys and sells bonds on a regular basis, you could lose money.

If people can't afford to lose money over five years they should avoid shares, it's as simple as that.

Both prime minister and chancellor have been reticent in offering guarantees that taxpayers will not lose money.