What's Going to Happen to the UK Treasury?

UK pension funds were using UK gilts and taking that return and multiplying it by owning four or five or six times the capital they put down. So say you bought a bond for 0.5%, right? Well, if you lever that up six times, then you're getting 3%, right? But remember, you've leveraged it up 6 times, so you've only put down a portion of your capital to get that swap. The UK guilt market just collapsed. People started selling bonds. They don't want to own something denominated in currency that's clearly going to be devalued tremendously because of inflation.