UK nominal gilt yield: 6 months
UK nominal gilt yield: 6 months stood at 4.05% in Aug 2026, according to Bank of England — statistical and research datasets. It is one of the indicators in the Yield curves table (Value · Monthly), with a complete series running from Jul 1970 to Aug 2026. The complete series with an interactive chart, free to download.
This indicator in the Yield curves table
| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nominal gilt yield | |||||||||||
| 6 months | 4.05 | 4.01 | 3.86 | 3.82 | 3.95 | 4 | 3.45 | 3.48 | |||
| 1 year | 4.18 | 4.17 | 4.02 | 4.03 | 4.26 | 4.25 | 3.42 | 3.55 | 3.55 | 3.64 |
Understanding UK nominal gilt yield: 6 months
This series calculates the fitted nominal redemption yield for sovereign debt maturing in six months across the United Kingdom. It relies on a mathematical smoothing curve applied to observed market prices of conventional government bonds, stripping out idiosyncratic cash-flow anomalies of individual securities to reveal a uniform term-structure point. Unlike longer-duration peers in the nominal matrix, this near-term metric is heavily anchored by immediate monetary policy expectations and near-future cash management operations.
Interpreting this measure requires recognising its sensitivity to imminent central bank actions and short-term liquidity fluctuations within the sterling money market. Analysts should compare consecutive monthly readings rather than annual changes to capture shifting monetary stances cleanly. Revisions to the underlying curve-fitting model can occasionally introduce subtle breaks, making it wise to cross-reference with overnight index swap rates rather than relying on historical comparisons in isolation.
Frequently asked questions
- What specific bonds generate this six-month nominal figure?
- The metric derives from a fitted continuous curve calculated across all eligible conventional government bonds in the United Kingdom rather than relying on a single maturing issue.
- Why does this short maturity diverge from longer-term yields?
- Near-term yields respond directly to current and immediately anticipated official interest rate decisions, whereas longer durations incorporate multi-year growth and inflation expectations.
- Does this series account for inflation adjustments?
- No, this is a nominal metric which embeds market participants' overall expectations for consumer price changes alongside real returns.