Correspondence
Letter from the Chancellor of the Exchequer to the Governor of the Bank of England 04/11/2022
Asset Purchase Facility, September 2022.
This was published under the 2022 to 2024 Sunak Conservative government
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Details
On 28 September, the Bank announced that it would carry out temporary purchases of long-dated UK government bonds (gilts) through the Asset Purchase Facility (APF) under the Bank’s financial stability objective to restore orderly conditions. Ahead of the intervention, the Chancellor confirmed the Treasury’s authorisation of an increase of up to £100 billion in the amount of gilts that the APF can purchase. Total gilt purchases under this new operation reached £19.3 billion when the daily auctions ended as planned on 14 October. The Chancellor and Governor have therefore agreed to reduce the authorised maximum size of the APF from £966 billion, as was agreed on 28 September 2022, to £886 billion.
Updates to this page
Published 4 November 2022