The UK Government's Debt Management Office won a warm response from investors and brokers on Monday when it floated the idea or issuing 50-year index-linked gilts. It is easy to see why. But whether the UK Treasury should go along with the idea is quite another matter.

The Debt Management Office holds consultations every three months, and at the latest one, on Monday, it discussed the possibility of issuing some very long-term government bonds, the yield on which would be linked to the rate of inflation.