The Government's approach is underpinned by the Pension Schemes Act 2026, which introduced a package of reforms, including measures to support scheme consolidation, improve value for money and create the conditions for greater long-term investment in productive assets.

Under the Mansion House Accord, 17 of the UK's largest workplace pension providers have voluntarily committed to invest at least 10 per cent of their default funds in private markets by 2030, with at least half of that invested in the UK.

This voluntary industry-led commitment aims to unlock significant additional investment in productive assets across the UK economy, including in private companies, and the Government is encouraged by the progress made to date.

The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including the pace of quantitative easing and quantitative tightening, is the responsibility of the independent Monetary Policy Committee at the Bank of England. The Government does not comment on monetary policy decisions.

The Office for Budget Responsibility (OBR) forecasts debt interest costs as part of the fiscal forecasts in its Economic and Fiscal Outlook.

Since October 2022, HM Treasury has transferred £110.72bn to the Bank of England to cover losses arising from the indemnity of the Asset Purchase Facility, the vehicle used to implement quantitative easing. This covers losses incurred from net interest costs and the sale and redemption of bonds as the portfolio is unwound. Since 2013, the Bank of England has transferred £123.85bn to HM Treasury, giving HM Treasury a net position of £13.13bn to date.

Data on these cash transfers between HM Treasury and the Bank of England are made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication.

The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including the pace of quantitative easing and quantitative tightening, is the responsibility of the independent Monetary Policy Committee at the Bank of England. The Government does not comment on monetary policy decisions.

The Office for Budget Responsibility (OBR) forecasts debt interest costs as part of the fiscal forecasts in its Economic and Fiscal Outlook.

Since October 2022, HM Treasury has transferred £110.72bn to the Bank of England to cover losses arising from the indemnity of the Asset Purchase Facility, the vehicle used to implement quantitative easing. This covers losses incurred from net interest costs and the sale and redemption of bonds as the portfolio is unwound. Since 2013, the Bank of England has transferred £123.85bn to HM Treasury, giving HM Treasury a net position of £13.13bn to date.

Data on these cash transfers between HM Treasury and the Bank of England are made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication.

The Department for Business, Innovation, Science and Trade, works with DEFRA, the Environment Agency and others to ensure data infrastructure growth does not compromise public water supply resilience. To that end, the Government supports the adoption of efficient cooling technologies (closed-loop systems) and alternative sources like rainwater harvesting. National planning policy embeds consideration of sustainable water use and resource efficiency in decision making. In 2025, a techUK–Environment Agency survey found that 51% of surveyed sites use closed loop cooling systems, and 64% use less than 10,000m³ of water per year. This is small compared to other sectors. Data centres in England are estimated to account for around 0.2% of non-household water use.

There is currently a total of 21,654 people with severe asthma receiving a biologic for severe asthma in England. The number of people receiving a biologic is based on the number of requests received in the last 12 months, from June 2025 to May 2026, for either new initiation or continuation of asthma biologic treatment. The following table shows a breakdown of the asthma figures by integrated care board (ICB):

In addition, the following table shows a breakdown of the asthma figures by region:

Data relating to chronic pulmonary obstructive disease is (COPD) not held. However, through the £10 million Respiratory Transformation Partnership, launched in March, the Government is working with NHS England, the Health Innovation Network, industry, and third sector partners to improve care across asthma and COPD pathways. This includes earlier diagnosis, better long-term management, and pathway redesign to support more consistent uptake of biologic medicines.

There is currently a total of 21,654 people with severe asthma receiving a biologic for severe asthma in England. The number of people receiving a biologic is based on the number of requests received in the last 12 months, from June 2025 to May 2026, for either new initiation or continuation of asthma biologic treatment. The following table shows a breakdown of the asthma figures by integrated care board (ICB):

In addition, the following table shows a breakdown of the asthma figures by region:

Data relating to chronic pulmonary obstructive disease is (COPD) not held. However, through the £10 million Respiratory Transformation Partnership, launched in March, the Government is working with NHS England, the Health Innovation Network, industry, and third sector partners to improve care across asthma and COPD pathways. This includes earlier diagnosis, better long-term management, and pathway redesign to support more consistent uptake of biologic medicines.

There is currently a total of 21,654 people with severe asthma receiving a biologic for severe asthma in England. The number of people receiving a biologic is based on the number of requests received in the last 12 months, from June 2025 to May 2026, for either new initiation or continuation of asthma biologic treatment. The following table shows a breakdown of the asthma figures by integrated care board (ICB):

In addition, the following table shows a breakdown of the asthma figures by region:

Data relating to chronic pulmonary obstructive disease is (COPD) not held. However, through the £10 million Respiratory Transformation Partnership, launched in March, the Government is working with NHS England, the Health Innovation Network, industry, and third sector partners to improve care across asthma and COPD pathways. This includes earlier diagnosis, better long-term management, and pathway redesign to support more consistent uptake of biologic medicines.

The Bank of England has operational independence from the Government to carry out its statutory responsibilities for monetary policy, including quantitative easing and quantitative tightening.

HM Treasury’s response to the Treasury Select Committee’s inquiry into QT set out that different unwind paces will impact the time profile of when losses are incurred but are expected to have little effect on total cost in present value terms. Therefore, all else equal, there is no reason to believe that holding gilts for longer would avoid these losses. Instead, a higher net interest cost would be incurred from holding the portfolio for longer. QT also reduces the sensitivity of the public finances to changes in interest rates.

Since October 2022, HM Treasury has transferred £107.64bn to the Bank of England to cover losses arising from the indemnity of the Asset Purchase Facility, the vehicle used to implement quantitative easing. This covers losses incurred from net interest costs and the sale and redemption of bonds as the portfolio is unwound.  Since 2013, the Bank of England has transferred £123.85bn to HM Treasury, giving HM Treasury a net position of £16.21bn to date.

Data on these cash transfers are made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data are available in the ONS data series ID MF7A in worksheet PSA9B.

The Bank of England has operational independence from the Government to carry out its statutory responsibilities for monetary policy, including quantitative easing and quantitative tightening.

HM Treasury’s response to the Treasury Select Committee’s inquiry into QT set out that different unwind paces will impact the time profile of when losses are incurred but are expected to have little effect on total cost in present value terms. Therefore, all else equal, there is no reason to believe that holding gilts for longer would avoid these losses. Instead, a higher net interest cost would be incurred from holding the portfolio for longer. QT also reduces the sensitivity of the public finances to changes in interest rates.

Since October 2022, HM Treasury has transferred £107.64bn to the Bank of England to cover losses arising from the indemnity of the Asset Purchase Facility, the vehicle used to implement quantitative easing. This covers losses incurred from net interest costs and the sale and redemption of bonds as the portfolio is unwound.  Since 2013, the Bank of England has transferred £123.85bn to HM Treasury, giving HM Treasury a net position of £16.21bn to date.

Data on these cash transfers are made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data are available in the ONS data series ID MF7A in worksheet PSA9B.

This Government is committed to protecting the most vulnerable. Defra has not carried out a statistical assessment of the social cost of water companies remaining privatised.

We expect water companies to ensure support is available for customers – through bill discount schemes and financial support measures. We are working with industry to keep support under review and have consulted on reforms to WaterSure. We will publish our response this year.

The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England.

The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, it is in line with international standards and essential for the effective delivery of monetary policy, so the government does not comment on the conduct or effectiveness of monetary policy.

Since October 2022, HM Treasury has transferred £93.32bn to the Bank of England to cover losses arising from the indemnity of the Asset Purchase Facility, the vehicle used to implement quantitative easing. This covers losses incurred from net interest costs and the sale and redemption of bonds as the portfolio is unwound. Since 2013, the Bank of England has transferred £123.85bn to HM Treasury, giving HM Treasury a net position of £30.53bn to date

Data on these cash transfers between HM Treasury and the Bank of England are made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data are available in the ONS data series ID MF7A in worksheet PSA9B.

The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England.

The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, it is in line with international standards and essential for the effective delivery of monetary policy, so the government does not comment on the conduct or effectiveness of monetary policy.

Since October 2022, HM Treasury has transferred £93.32bn to the Bank of England to cover losses arising from the indemnity of the Asset Purchase Facility, the vehicle used to implement quantitative easing. This covers losses incurred from net interest costs and the sale and redemption of bonds as the portfolio is unwound. Since 2013, the Bank of England has transferred £123.85bn to HM Treasury, giving HM Treasury a net position of £30.53bn to date

Data on these cash transfers between HM Treasury and the Bank of England are made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data are available in the ONS data series ID MF7A in worksheet PSA9B.

The Bank of England has operational independence from the Government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England.

In a letter to the Chancellor (12 November 2024), the Governor of the Bank of England said:

“Whilst different unwind strategies might affect the timing of cash flows between HMT and the APF, they are expected to have little effect on total cost in present value terms. For example, active sales incur upfront costs, but they also reduce lifetime net interest costs from carrying gilts on the APF’s portfolio when Bank Rate is higher than coupon payments.” [1]

Since October 2022, HM Treasury has transferred £85.9bn to the Bank of England to cover losses arising from the indemnity of the Asset Purchase Facility, the vehicle used to implement quantitative easing. This covers losses incurred from net interest costs and the sale and redemption of bonds as the portfolio is unwound.

Between 2012 and 2022, the APF transferred £124bn in excess cash to HMT under the terms of the indemnity from net interest payments on purchased assets.

Data on these cash transfers between HM Treasury and the Bank of England are made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data are available in the ONS data series ID MF7A in worksheet PSA9B.

The independent OBR provides detailed projections of the underlying losses from the APF and the impact on different fiscal metrics. As per the OBR’s Economic and Fiscal Outlook for the Spring Forecast 2025, the lifetime cost of the APF is forecast to be £133.7bn.

[1] Letter from the Governor of the Bank of England to the Chancellor of the Exchequer 12 November 2024

The Bank of England has operational independence from the Government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England.

In a letter to the Chancellor (12 November 2024), the Governor of the Bank of England said:

“Whilst different unwind strategies might affect the timing of cash flows between HMT and the APF, they are expected to have little effect on total cost in present value terms. For example, active sales incur upfront costs, but they also reduce lifetime net interest costs from carrying gilts on the APF’s portfolio when Bank Rate is higher than coupon payments.” [1]

Since October 2022, HM Treasury has transferred £85.9bn to the Bank of England to cover losses arising from the indemnity of the Asset Purchase Facility, the vehicle used to implement quantitative easing. This covers losses incurred from net interest costs and the sale and redemption of bonds as the portfolio is unwound.

Between 2012 and 2022, the APF transferred £124bn in excess cash to HMT under the terms of the indemnity from net interest payments on purchased assets.

Data on these cash transfers between HM Treasury and the Bank of England are made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data are available in the ONS data series ID MF7A in worksheet PSA9B.

The independent OBR provides detailed projections of the underlying losses from the APF and the impact on different fiscal metrics. As per the OBR’s Economic and Fiscal Outlook for the Spring Forecast 2025, the lifetime cost of the APF is forecast to be £133.7bn.

[1] Letter from the Governor of the Bank of England to the Chancellor of the Exchequer 12 November 2024