Question to the HM Treasury:

To ask the Chancellor of the Exchequer, in the context of the termination of the 12 year programme to increase assets in the Exchange Equalisation Account, whether the financing provided via the National Loans Fund increased Net Public Sector Debt in the year funds were transferred.

The additional financing programme of the Official Reserves, which ended in 2019-20, increased both the government’s liquid assets and its liabilities from gilt issuance equally at the point of issuance. Therefore, it had no net impact on public sector net debt.