Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of expanding the Treasury bill market on refinancing risk exposure.

Treasury bills represent a core component of the government’s stock of marketable debt, alongside gilts.

The government will be launching a consultation in January 2026 on the potential expansion and deepening of the UK Treasury bill market, including how this might be facilitated by HM Treasury and the UK Debt Management Office.

As well as reflecting feedback from the public, including market participants, and the most recent market and demand conditions, any changes following the consultation will reflect an assessment of cost and risk in accordance with the government’s debt management and cash management objectives. This includes implications for the government’s refinancing risk exposure.