UK statistics office explains QE impact on national debt

HM Treasury

The UK's Office for National Statistics (ONS) today released a statement on how the Bank of England's quantitative easing (QE) programme is treated in the national accounts, though commentators accused the statistics body of "reducing transparency" with what was a highly complex statement.

The accounting procedures in question involve the decision taken last year for the Bank of England Asset Purchase Facility Fund (BEAPFF), the fund that purchases gilts with cash from the Bank of England, to

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