Britain's government may need to pay the Bank of England more than 30 billion pounds ($36 billion) next year and also in 2024 to cover losses on its quantitative easing (QE) programme, a report released by the central bank on Tuesday showed.
The BoE started buying government bonds in 2009 and the size of the QE programme peaked at 895 billion pounds in December 2021, including 20 billion pounds of corporate bonds.
Since 2009, the BoE has paid the British government 123 billion pounds, which represents the difference between the interest the BoE received on its bond holdings and the near-zero interest it paid to banks that deposited cash with the BoE. The cost is set to grow rapidly.
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