Question to the HM Treasury:

To ask His Majesty's Government what estimate they have made of the cost of the Bank of England's quantitative tightening to the Treasury in the next three years, in terms of reimbursed losses.

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.  

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 Office for Budget Responsibility (OBR) forecasts the fiscal impact of quantitative tightening, including for the next three years, as part of the fiscal forecasts in its Economic and Fiscal Outlook. This was last updated in March 2026 (see table below), and the next scheduled update will be published on 28 October 2026.