The fact that early bonds had no fixed maturity date ensured that any change in interest rate was fully reflected in the capital value of the bond.

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In reality, charter is often the least expensive option because there are no on-going fixed costs, and in the end, the per hour utility is good value.

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So maybe there's value for the chancellor in advertising to the world that he could if he wanted borrow with no fixed repayment date, such is the stability of British democracy and the UK's record of paying its debts.

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