Question to the HM Treasury:

To ask His Majesty's Government what discussions they have had with the Debt Management Office and the Bank of England about the impact of quantitative tightening gilt sales on insurance company sales of gilts following bulk annuity transactions.

The Government consults primary dealers and gilt investors regularly to understand their needs, taking that feedback into account when designing the gilt financing programme. The gilt market is deep and liquid and enjoys strong demand from a well-diversified investor base.

Historically, we have seen changes in demand patterns from across the investor base. Overall demand has however remained resilient throughout these periods of changing investor patterns as a result of our policy of supporting a strong and diversified market.

In carrying out quantitative tightening, the Bank of England is liaising with the Debt Management Office to ensure that its gilt sales minimise disruption to market functioning.