Asset purchase facility (APF) ceiling, February 2022

The Monetary Policy Committee met on 2 February 2022 and voted to begin reducing the stock of gilts owned by the Asset Purchase Facility (APF). Following this decision, the Governor and Chancellor jointly agreed that it would be appropriate to reduce the size of APF’s indemnity. This prompted an exchange of letters between the Governor of the Bank of England and the Chancellor on 3 February

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