Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the approach to quantitative tightening undertaken by the European Central Bank and US Federal Reserve, which allow the relevant bonds to mature rather than engaging in the sale of such bonds.

Answered by Lord Livermore

The Bank of England has operational independence from the Government to carry out its statutory responsibilities for monetary policy, including quantitative easing and quantitative tightening.

HM Treasury’s response to the Treasury Select Committee’s inquiry into QT set out that different unwind paces will impact the time profile of when losses are incurred but are expected to have little effect on total cost in present value terms. Therefore, all else equal, there is no reason to believe that holding gilts for longer would avoid these losses. Instead, a higher net interest cost would be incurred from holding the portfolio for longer. QT also reduces the sensitivity of the public finances to changes in interest rates.

Since October 2022, HM Treasury has transferred £107.64bn 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.  Since 2013, the Bank of England has transferred £123.85bn to HM Treasury, giving HM Treasury a net position of £16.21bn to date.

Data on these cash transfers 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.

Question to the HM Treasury:

To ask His Majesty's Government what has been the cost to public funds of the Treasury's arrangement to support the Bank of England practice of quantitative tightening since 2022.

Answered by Lord Livermore

The Bank of England has operational independence from the Government to carry out its statutory responsibilities for monetary policy, including quantitative easing and quantitative tightening.

HM Treasury’s response to the Treasury Select Committee’s inquiry into QT set out that different unwind paces will impact the time profile of when losses are incurred but are expected to have little effect on total cost in present value terms. Therefore, all else equal, there is no reason to believe that holding gilts for longer would avoid these losses. Instead, a higher net interest cost would be incurred from holding the portfolio for longer. QT also reduces the sensitivity of the public finances to changes in interest rates.

Since October 2022, HM Treasury has transferred £107.64bn 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.  Since 2013, the Bank of England has transferred £123.85bn to HM Treasury, giving HM Treasury a net position of £16.21bn to date.

Data on these cash transfers 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.

Question to the Department of Health and Social Care:

To ask His Majesty's Government what assessment they have made of regional variation in England in access to, and take up of, biologic medicines for people with (1) severe asthma, and (2) chronic pulmonary obstructive disease.

Answered by Baroness Merron - Parliamentary Under-Secretary (Department of Health and Social Care)

There is currently a total of 21,654 people with severe asthma receiving a biologic for severe asthma in England. The number of people receiving a biologic is based on the number of requests received in the last 12 months, from June 2025 to May 2026, for either new initiation or continuation of asthma biologic treatment. The following table shows a breakdown of the asthma figures by integrated care board (ICB):

In addition, the following table shows a breakdown of the asthma figures by region:

Data relating to chronic pulmonary obstructive disease is (COPD) not held. However, through the £10 million Respiratory Transformation Partnership, launched in March, the Government is working with NHS England, the Health Innovation Network, industry, and third sector partners to improve care across asthma and COPD pathways. This includes earlier diagnosis, better long-term management, and pathway redesign to support more consistent uptake of biologic medicines.

Question to the Department of Health and Social Care:

To ask His Majesty's Government how many people with (1) severe asthma, and (2) chronic pulmonary obstructive disease, are currently prescribed biologic medicines in England, with figures for each integrated care board and NHS region.

Answered by Baroness Merron - Parliamentary Under-Secretary (Department of Health and Social Care)

There is currently a total of 21,654 people with severe asthma receiving a biologic for severe asthma in England. The number of people receiving a biologic is based on the number of requests received in the last 12 months, from June 2025 to May 2026, for either new initiation or continuation of asthma biologic treatment. The following table shows a breakdown of the asthma figures by integrated care board (ICB):

In addition, the following table shows a breakdown of the asthma figures by region:

Data relating to chronic pulmonary obstructive disease is (COPD) not held. However, through the £10 million Respiratory Transformation Partnership, launched in March, the Government is working with NHS England, the Health Innovation Network, industry, and third sector partners to improve care across asthma and COPD pathways. This includes earlier diagnosis, better long-term management, and pathway redesign to support more consistent uptake of biologic medicines.

Question to the Department of Health and Social Care:

To ask His Majesty's Government what steps they are taking to increase access to biologic medicines for people with asthma and chronic pulmonary obstructive disease.

Answered by Baroness Merron - Parliamentary Under-Secretary (Department of Health and Social Care)

There is currently a total of 21,654 people with severe asthma receiving a biologic for severe asthma in England. The number of people receiving a biologic is based on the number of requests received in the last 12 months, from June 2025 to May 2026, for either new initiation or continuation of asthma biologic treatment. The following table shows a breakdown of the asthma figures by integrated care board (ICB):

In addition, the following table shows a breakdown of the asthma figures by region:

Data relating to chronic pulmonary obstructive disease is (COPD) not held. However, through the £10 million Respiratory Transformation Partnership, launched in March, the Government is working with NHS England, the Health Innovation Network, industry, and third sector partners to improve care across asthma and COPD pathways. This includes earlier diagnosis, better long-term management, and pathway redesign to support more consistent uptake of biologic medicines.