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Gilt investors take fright at record borrowing
To say that the UK Debt Management Office is under pressure is an understatement. It is having to borrow record amounts at a time when the Bank of England is about to start selling its own stock of gilts after putting a halt to purchases at the end of last year. On 23 September, after Kwasi Kwarteng, the UK’s new chancellor of the exchequer, presented his mini budget to help deal with the energy crisis, the UK DMO announced its revised remit which will see it borrow an extra £72.4bn in the current financial year. Of that, £62.4bn will come through additional gilt sales, with the majority being at the short end. ... (full story)
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