But the disappearance
of the most attractive product on the market is not the only worrying thing about the suspension. It isn’t entirely clear why NS&I decided to withdraw the products.

The press release says that NS&I was getting in more money in deposits than the government had asked of it. But, given the government’s current funding requirements, it is hard to see how the Treasury could dare to dream of having too much money – particularly sticky money of the kind they get via NS&I. Savers into these kind of certificates might have been more expensive than gilt buyers but they can usually be relied upon to roll their deposits over. There is no such certainty when it comes to global bond investors.

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