Correspondence
Asset Purchase Facility (APF) ceiling, November 2020
The letters exchanged between the Chancellor of the Exchequer and the Governor of the Bank of England confirm the increase in the limit of assets that the APF is authorised to purchase, financed by the issuance of central bank reserves.
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The Monetary Policy Committee met on 4 November 2020 and agreed that a further easing of monetary policy is warranted which required an increase in the asset purchase facility limit. This prompted an exchange of letters between the Governor of the Bank of England and the Chancellor on 5 November 2020.
Published 5 November 2020