A fixed-interest security issued by the UK government. Gilts include irredeemable Consols; long-dated, with 15 years or more to maturity; medium-dated, with 5 to 15 years to maturity; or short-dated, with under 5 years to maturity. Gilt-edged securities are considered extremely safe from risk of default, but fluctuate in price inversely with current interest rates, long-dated securities being most at risk. Index-linked gilts are also available, reducing the risk from inflation.