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Treasury and Bank agree new approach to backing banknotes
The Treasury has published correspondence with the Bank of England on quantitative tightening and the Asset Purchase Facility.
Its summary says the 17 September exchange agreed a new banknote-backing strategy and discussed future implementation of the bond-holding reduction programme. This brief does not infer a change to individual accounts or borrowing rates.
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HM Treasury ↗ (opens a new tab)UK public-sector announcement, independently condensed. Announced plans are distinguished from outcomes. Contains public sector information licensed under the Open Government Licence v3.0.
Open Government Licence v3.0AI-assisted original summary, checked against the linked source on 20 Sept 2026, 01:14 BST. Illustration is AI generated and does not document the event.
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