(Alliance News) - The UK Treasury will pay over GBP170 billion to the Bank of England over the next decade due to quantitative easing-related costs, The Times reported on Friday. The Bank of England made losses on its bond-buying scheme. The current Bank of England interest rate of 5.25% is a 15-year high, which has accumulated losses on the bank's balance sheet. The bank is unable to make enough money on its portfolio of government bonds to cover interest payments to banks that hold cash at Threadneedle Street. By Tom Budszus, Alliance News reporterComments and questions to [email protected]Copyright 2023 Alliance News Ltd. All Rights Reserved.

Source: The Times November 04, 2023 13:37 UTC