Overview

• Economists polled by Reuters forecast a reduction in the QT pace to a median £67.5bn, compared with £72bn in the Bank’s own August survey.
• UK 30‑year gilt yields recently hit their highest since 1998 and a new 10‑year issue priced at the highest yield since 2008, increasing pressure on Chancellor Rachel Reeves before the 26 November budget.
• Since 2022 the Bank has cut its gilt holdings to about £558bn from £875bn and remains the only major central bank conducting outright sales rather than relying solely on maturities.
• Only around £49bn of gilts are due to mature over the next year, implying a slower overall reduction would require scaling back active sales; one Investec scenario points to total QT near £62bn if sales stay close to £13bn.
• Former MPC members urge scaling back or pausing sales, while some strategists warn a halt could look political, and the Bank estimates QT so far has added roughly 0.15–0.25 percentage points to borrowing costs.