Who owns Britain's £2.9 trillion national debt?

Politicians keep saying they don't want to be "in hock to the bond market" — but what does that actually mean, and who is the bond market anyway?In this episode of the Mouthy Money podcast, Edmund Greaves and Chris Tuite (MRM) pull back the curtain on UK gilts: what government bonds are, how they work, who really owns Britain's £2.9 trillion national debt, and why all of it matters for normal people saving for the long term.Ed and Chris break down how gilts function, why yields rise and fall, and how the bond market can quietly "discipline" an elected government's spending plans — the heart of the left-wing complaint about being beholden to faceless investors. But as they discover, the bond market isn't a shadowy cabal of top-hatted financiers. A huge chunk of it is pension funds, insurers and ordinary savers — quite possibly including you.They also dig into why this isn't abstract: gilt yields set the "risk-free rate" that prices everything from mortgages and annuities to savings rates and the value of the stock market. The 2022 mini-budget showed exactly how political choices ripple straight into your finances.📊 KEY STATS COVERED:- UK national debt: ~£2.91 trillion (about 94% of GDP — highest since the 1960s)- Annual government borrowing: ~£132 billion- Overseas investors hold ~32% of UK gilts- The Bank of England holds roughly 19–24%- Banks & financial institutions hold ~23%- UK pension funds & insurers hold ~21% — and own nearly half the index-linked gilt market- Less than 1% of gilts are held directly by households💬 What do you think — is the bond market a healthy check on government spending, or an undemocratic constraint? Let us know in the comments. We try to reply to everyone.👍 Like, subscribe and hit the bell for weekly personal finance that puts the personal back into your money.MOUTHY MONEYOur substack mouthymoney.substack.co.uk Get in touch ⁠⁠[email protected] ⁠⁠DISCLAIMERThis video is produced for general informational purposes only. It should not be construed as investment, legal, tax, mortgage or other forms of financial advice. If in any doubt about the themes expressed, consider consulting with a regulated financial professional for your own personal situation. Past performance is no guarantee of future results. Investments can go down as well as up and you may get back less than you started with. Investments are speculative and can be affected by volatility. Never invest more than you can afford to lose. For more information visit ⁠⁠⁠www.fca.org.uk/investsmart⁠. Please note, video captions are auto-generated and may not be 100% accurate.