Posted by Ken Waldron on September 7, 2023, 8:45 pm, in reply to "Trapped in the maze"
"The Treasury had to transfer £14.3bn in July alone to cover losses. But, within the current system, the alternative – of having to pay ever higher interest on the £900bn or so of central bank reserves created to buy the gilts in the first place is no less palatable. "
It's internal accountancy... as the bank of England is also part of the Government... its essentially paying interest to itself.