Fears over soaring costs of Covid borrowing A record gilt glut predicted for 2022 could undermine Chancellor’s plans to deal with UK’s debt mountain 13 March 2021 • 4:25pm A record gilt glut will hit markets next year to ramp up the cost of Britain’s post-pandemic debt mountain, new analysis has revealed. The surge in government borrowing costs is set to be extended as the bond market braces for an “unprecedented” £214bn gilt glut in 2022, analysts at UBS warned. A combination of heavy public borrowing and the Bank of England slowing its quantitative easing will put investors’ appetite for UK government bonds under record strain in 2022.