Question to the HM Treasury:

To ask His Majesty's Government what estimate they have made of (a) gains to HM Treasury from the years of operation of quantitative easing, and (b) the losses to HM Treasury since 2022 from quantitative tightening as a result of the implementation of the agreement for HM Treasury to cover losses made as a result of the decision by the Bank of England to sell bonds.

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 the pace of quantitative easing and quantitative tightening, is the responsibility of the independent Monetary Policy Committee at the Bank of England. The Government does not comment on monetary policy decisions.

The Office for Budget Responsibility (OBR) forecasts debt interest costs as part of the fiscal forecasts in its Economic and Fiscal Outlook.

Since October 2022, HM Treasury has transferred £110.72bn 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 £13.13bn to date.

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.