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To ask His Majesty's Government what assessment they have made of the Bank of England's policy to sell bonds, in the light of the US Federal Reserve and European Central Bank practice of disposing of bonds through maturation.
To ask His Majesty's Government what assessment they have made of the Bank of England's policy to sell bonds, in the light of the US Federal Reserve and European Central Bank practice of disposing of bonds through maturation.
The Bank of England has operational independence from the Government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England.
In a letter to the Chancellor (12 November 2024), the Governor of the Bank of England said:
“Whilst different unwind strategies might affect the timing of cash flows between HMT and the APF, they are expected to have little effect on total cost in present value terms. For example, active sales incur upfront costs, but they also reduce lifetime net interest costs from carrying gilts on the APF’s portfolio when Bank Rate is higher than coupon payments.” [1]
Since October 2022, HM Treasury has transferred £85.9bn to the Bank of England to cover losses arising from the indemnity of the Asset Purchase Facility, the vehicle used to implement quantitative easing. This covers losses incurred from net interest costs and the sale and redemption of bonds as the portfolio is unwound.
Between 2012 and 2022, the APF transferred £124bn in excess cash to HMT under the terms of the indemnity from net interest payments on purchased assets.
Data on these cash transfers between HM Treasury and the Bank of England are made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data are available in the ONS data series ID MF7A in worksheet PSA9B.
The independent OBR provides detailed projections of the underlying losses from the APF and the impact on different fiscal metrics. As per the OBR’s Economic and Fiscal Outlook for the Spring Forecast 2025, the lifetime cost of the APF is forecast to be £133.7bn.
[1] Letter from the Governor of the Bank of England to the Chancellor of the Exchequer 12 November 2024
To ask the Chancellor of the Exchequer, pursuant to the Answer of 3 July 2020 to Question 64077, what assessment he has made of the importance of the exchange rate margin as calculated from the European Central Bank (ECB) rate in providing clarity for people sending bank transfers abroad; and...
To ask the Chancellor of the Exchequer, pursuant to the Answer of 3 July 2020 to Question 64077, what assessment he has made of the importance of the exchange rate margin as calculated from the European Central Bank (ECB) rate in providing clarity for people sending bank transfers abroad; and...
Further to my response of 3 July 2020 to Question 64077, before the end of the Transition Period, the Government will bring forward secondary legislation under the EU Withdrawal Act 2018 to ensure that the provisions of the Cross Border Payments Regulation which require transparency of currency conversion fees and charges for credit transfers, continue to work effectively in UK law after the end of the Transition Period.
To ask Her Majesty's Government what assessment they have made of the effects on UK–EU relations of the decision taken on 5 May by the German Constitutional Court that the European Central Bank’s mass bond buying partly violates the Basic Law for the Federal Republic of Germany.
To ask Her Majesty's Government what assessment they have made of the effects on UK–EU relations of the decision taken on 5 May by the German Constitutional Court that the European Central Bank’s mass bond buying partly violates the Basic Law for the Federal Republic of Germany.
The decision taken by the Federal Constitutional Court is a matter for Germany, the European Central Bank and the EU. Negotiations between the UK and EU over our future relationship are ongoing: the third round of negotiations is taking place this week. The UK remains committed to a relationship with our European friends inspired by our shared history and values.
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential effect on the (a) UK and (b) world economy of the decision of the German Constitutional Court on funding for the European Central Bank bailout package.
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential effect on the (a) UK and (b) world economy of the decision of the German Constitutional Court on funding for the European Central Bank bailout package.
HM Treasury regularly monitors global economic developments, including those in the euro area, and their impact on the UK as part of the normal process of policy development. It is not for the UK Government to comment on euro area monetary policy issues.
To ask the Chancellor of the Exchequer, what discussions (a) he, (b) Ministers in his Department and (c) officials in his Department have had with their counterparts in the German Finance Ministry on the decision of the German Constitutional Court on funding for the European Central Bank bailout package.
To ask the Chancellor of the Exchequer, what discussions (a) he, (b) Ministers in his Department and (c) officials in his Department have had with their counterparts in the German Finance Ministry on the decision of the German Constitutional Court on funding for the European Central Bank bailout package.
HM Treasury Ministers and Officials regularly speak with their counterparts in Germany. We have been in regular touch regarding our respective countries' response to COVID-19 and will continue to work closely in the weeks to come. It is not for the UK Government to comment on euro area monetary policy issues.
What economic support have governments given to businesses and individuals to tackle the impact of the coronavirus? This paper looks at the policies put in place by the EU, governments in Europe, the US and other developed countries.
What economic support have governments given to businesses and individuals to tackle the impact of the coronavirus? This paper looks at the policies put in place by the EU, governments in Europe, the US and other developed countries.
My right honourable friend the Chancellor of the Exchequer (Sajid Javid) has today made the following Written Ministerial Statement.
A meeting of the Economic and Financial Affairs (ECOFIN) Council will be held in Brussels on 21 January 2020. The Council will discuss the following:
Early Morning Session
The Eurogroup President will...
My right honourable friend the Chancellor of the Exchequer (Sajid Javid) has today made the following Written Ministerial Statement.
A meeting of the Economic and Financial Affairs (ECOFIN) Council will be held in Brussels on 21 January 2020. The Council will discuss the following:
Early Morning Session
The Eurogroup President will...
A meeting of the Economic and Financial Affairs (ECOFIN) Council will be held in Brussels on 21 January 2020. The Council will discuss the following:
Early Morning Session
The Eurogroup President will brief the Council on the outcomes of the 20 January meeting of the Eurogroup, and the European Commission will...
A meeting of the Economic and Financial Affairs (ECOFIN) Council will be held in Brussels on 21 January 2020. The Council will discuss the following:
Early Morning Session
The Eurogroup President will brief the Council on the outcomes of the 20 January meeting of the Eurogroup, and the European Commission will...
A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 08 November 2019. The UK will be represented by Mark Bowman (Director General, International Finance, HM Treasury). The Council will discuss the following:
Excise Duties
The Council will be invited to agree the: Directive on general...
A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 08 November 2019. The UK will be represented by Mark Bowman (Director General, International Finance, HM Treasury). The Council will discuss the following:
Excise Duties
The Council will be invited to agree the: Directive on general...
My right honourable friend the Chancellor of the Exchequer (Sajid Javid) has today made the following Written Ministerial Statement.
A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 08 November 2019. The UK will be represented by Mark Bowman (Director General, International Finance, HM...
My right honourable friend the Chancellor of the Exchequer (Sajid Javid) has today made the following Written Ministerial Statement.
A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 08 November 2019. The UK will be represented by Mark Bowman (Director General, International Finance, HM...
A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Luxembourg on 10 October 2019. The UK was represented by Mark Bowman (Director General, International Finance, HM Treasury). The Council discussed the following:
Budgetary Instrument for Convergence and Competitiveness for the Euro Area
The European Commission presented the...
A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Luxembourg on 10 October 2019. The UK was represented by Mark Bowman (Director General, International Finance, HM Treasury). The Council discussed the following:
Budgetary Instrument for Convergence and Competitiveness for the Euro Area
The European Commission presented the...
My right honourable friend the Chancellor of the Exchequer (Sajid Javid) has today made the following Written Ministerial Statement.
A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Luxembourg on 10 October 2019. The UK was represented by Mark Bowman (Director General, International Finance, HM Treasury). The...
My right honourable friend the Chancellor of the Exchequer (Sajid Javid) has today made the following Written Ministerial Statement.
A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Luxembourg on 10 October 2019. The UK was represented by Mark Bowman (Director General, International Finance, HM Treasury). The...
My right honourable friend the Chancellor of the Exchequer (Sajid Javid) made the following Written Ministerial Statement last week.
A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Luxembourg on 10 October 2019. The Council will discuss the following:
Budgetary Instrument for Convergence and Competitiveness for the...
My right honourable friend the Chancellor of the Exchequer (Sajid Javid) made the following Written Ministerial Statement last week.
A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Luxembourg on 10 October 2019. The Council will discuss the following:
Budgetary Instrument for Convergence and Competitiveness for the...
A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Luxembourg on 10 October 2019. The Council will discuss the following:
Budgetary Instrument for Convergence and Competitiveness for the Euro Area
The European Commission will present the governance framework on the budgetary instrument for convergence and competitiveness for...
A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Luxembourg on 10 October 2019. The Council will discuss the following:
Budgetary Instrument for Convergence and Competitiveness for the Euro Area
The European Commission will present the governance framework on the budgetary instrument for convergence and competitiveness for...
A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 09 July 2019. The UK was represented by Mark Bowman (Director General, International Finance, HM Treasury). The Council discussed the following:
Early Morning Session
The Eurogroup President briefed the Council on the outcomes of the 08 July...
A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 09 July 2019. The UK was represented by Mark Bowman (Director General, International Finance, HM Treasury). The Council discussed the following:
Early Morning Session
The Eurogroup President briefed the Council on the outcomes of the 08 July...
My right honourable friend the Chancellor of the Exchequer (Philip Hammond) has today made the following Written Ministerial Statement.
A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 09 July 2019. The UK was represented by Mark Bowman (Director General, International Finance, HM Treasury). The...
My right honourable friend the Chancellor of the Exchequer (Philip Hammond) has today made the following Written Ministerial Statement.
A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 09 July 2019. The UK was represented by Mark Bowman (Director General, International Finance, HM Treasury). The...
A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 09 July 2019. The UK will be represented by Mark Bowman (Director General, International Finance, HM Treasury). The Council will discuss the following:
Early Morning Session
The Eurogroup President will brief the Council on the outcomes...
A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 09 July 2019. The UK will be represented by Mark Bowman (Director General, International Finance, HM Treasury). The Council will discuss the following:
Early Morning Session
The Eurogroup President will brief the Council on the outcomes...
My right honourable friend the Chancellor of the Exchequer (Philip Hammond) has today made the following Written Ministerial Statement.
A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 09 July 2019. The UK will be represented by Mark Bowman (Director General, International Finance, HM...
My right honourable friend the Chancellor of the Exchequer (Philip Hammond) has today made the following Written Ministerial Statement.
A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 09 July 2019. The UK will be represented by Mark Bowman (Director General, International Finance, HM...
With permission, Mr Speaker, I would like to make a statement on my final G20 and final European Council as Prime Minister.
At this G20 summit in Japan we discussed some of the biggest global challenges facing our nations, including climate change, terrorist propaganda online, risks to the global economy and...
With permission, Mr Speaker, I would like to make a statement on my final G20 and final European Council as Prime Minister.
At this G20 summit in Japan we discussed some of the biggest global challenges facing our nations, including climate change, terrorist propaganda online, risks to the global economy and...
I want to say thank you to my hon. Friend the Member for Swansea East (Carolyn Harris) for the fantastic campaign she has mounted and the comfort that she has brought to those who have been through the unimaginable strain of losing a child. Those who, sadly, will lose a...
I want to say thank you to my hon. Friend the Member for Swansea East (Carolyn Harris) for the fantastic campaign she has mounted and the comfort that she has brought to those who have been through the unimaginable strain of losing a child. Those who, sadly, will lose a...