Rather, these are so-called infrastructure funds that wish to own cash-producing assets for decades, often in order to match liabilities such as pension annuity promises.

Retired people on low incomes with pension annuities or savings income are also likely to lose out.

The fall in gilt yields will come as a blow to those approaching retirement, as it will affect the interest paid on pension annuities.

Without government borrowing there would be no pension annuities, for example, and no benchmark with which to rate all other financial assets.

Unlike traditional pension annuities, these pay far higher yields - in the region of 15%-30%, compared with 6%-7%.