Interest Rates: Rising interest rates typically decrease bond prices, as new bonds offer higher yields. Conversely, falling rates generally increase bond prices.

Inflation Expectations: Higher inflation erodes the real value of bond yields, leading to lower bond prices. Lower inflation expectations usually boost bond prices.

Economic Growth: Strong economic growth can lead to higher interest rates, pushing bond prices down. Weaker economic growth may lead to lower rates and higher bond prices.

Credit Rating: A downgrade in the UK's credit rating can lower bond prices, as it increases the perceived risk. An upgrade may increase prices.

Supply and Demand: High demand for UK gilts increases prices, while increased supply decreases them. Quantitative easing impacts demand.

Global Events: Significant global events, such as geopolitical instability, can impact investor risk appetite and affect gilt prices.

Bank of England Policy: Changes in monetary policy by the Bank of England, such as adjusting the base rate, heavily influence bond yields and prices.