Protection… what protection?: UK government gilts

It is the government's debt after all. Indeed, historically UK government bonds - gilts - have often been considered as the provider of protection for portfolios in times of stress. In a normal operating environment - whatever that is today - market stresses, wars and economic turbulence usually lead to rising gilt prices and gilts acting as a source of protection for an investment portfolio.  In this economic cycle we are seeing the absolute opposite, and that is because the stresses and strains are a result of, amongst other factors, dramatically rising inflation, rising interest rates...