The rising yield of government bonds over the last four weeks, and the corresponding fall in bond prices, will have hit UK retail investors, who piled into fixed-income funds over the last three years.

The yields of 10-year bonds issued by the US, Japanese, German and UK governments have risen by between 18% and 29% since 8 November, according to data published by Thomson Reuters. The rises reflects a sell-off, with US Treasuries suffering their biggest two-day sell-off in two years this week, which has fuelled a fall in bond prices.