So desperate are investors for inflation-linked bonds, they bid £2.32bn for £1bn worth of UK gilts last week. But in the scramble for protection, industry experts say the pension funds, which are obliged to match liabilities with inflation, are missing an opportunity with UK companies.

There is such a dearth of inflation-linked bonds from UK corporates, that pension funds are pouring billions abroad to gain yield from the market known as linkers.