The UK Chancellor of the Exchequer and the Governor of the Bank of England confirmed on 5 May 2026 that they would reduce the maximum authorised size of the Asset Purchase Facility (APF). The decision follows a strategy established in February 2022, in which the two officials agreed to periodically lower the APF ceiling as its overall size diminishes. The announcement was communicated through a pair of letters exchanged on the same date, with the Chancellor’s letter to the Governor and the Governor’s reply to the Chancellor. The change is intended to align the facility’s capacity with market conditions and support the government’s broader fiscal strategy. Further details are available in the two 2‑page PDFs attached to the announcement.
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