Source · Select Committees · Public Accounts Committee
Fifteenth Report - Managing government borrowing
Public Accounts Committee
HC 74
Published 5 March 2024
Government response
Treasury minutes: Government response to the Committee of Public Accounts on the Fifteenth report from Session 2023-24 · published 3 May 2024
Recommendations & Conclusions
15
Conclusion
Not Addressed
Treasury facing substantial losses from QE indemnification, impacting government debt control.
Conclusion
The Treasury indemnifies the activities of the Bank of England’s Asset Purchase Facility. This means that the Treasury receives any profits from QE but is also liable for any losses. The OBR told us that until very recently, QE was …
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Government Response Summary
Although the committee's item was a conclusion, the government's response states it agrees with and has implemented a 'recommendation'. The response discusses general improvements in crisis management preparedness and NS&I's system transformation, but it does not directly address the observation about the £126 billion net loss from QE impacting the government’s objective for getting 'debt under control'.
HM Treasury
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