Miriam Mukuru


The U.K. Debt Management Office lifted its gilt remit forecast for the current fiscal year to GBP277.7 billion ($342.9 billion) from the previous expectation of GBP265.3 billion published at the government's spring budget, it said.

The DMO raised its forecast for the sale of short-dated gilts via auctions by GBP5.4 billion for the fiscal year ending March 31, 2025. It lifted its forecasts for sales of medium-dated gilts via auctions by GBP3.9 billion and for sales of long-dated gilts via auctions by GBP1.0 billion.

The DMO also raised its forecast for the sale of index-linked gilts by GBP1.1 billion, and its expectations of the unallocated portion of gilt issuance by GBP1 billion.

The forecast lift reflects a GBP9.8 billion increase in the central government's net cash requirement from the forecast made at the spring budget, taking it to GBP158.8 billion.

It also reflects an increase in the net financing provisional outturn from state-owned savings bank NS&I for fiscal 2024 of GBP0.4 billion to GBP11.3 billion; and a GBP4.7 billion undershoot in the forecast for the contribution to financing from other items published at the spring budget, the DMO said.


Write to Miriam Mukuru at miriam.mukuru@wsj.com


(END) Dow Jones Newswires

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