Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to page 11 of the Bank of England's report entitled Financial Stability Report - December 2025, published on 2 December 2025, what assessment her Department has made of the potential impact of the concentration of net borrowers in the gilt repurchase agreements market on the economy.

The UK gilt market is deep and liquid, with a well-diversified investor base. Gilt repo markets play an important role in supporting the functioning, liquidity and resilience of the wider gilt market.

We work closely with the Debt Management Office, the Bank of England and financial regulators, to monitor developments in the gilt and gilt repo markets.

Most recently, in September 2025 the Bank of England, with input from HM Treasury and the UK Debt Management Office, published an exploratory discussion paper evaluating the effectiveness and impact of a range of potential reforms to enhance the resilience of the gilt repo market.