House of Lords written question – answered on 3rd October 2011.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government, in the light of historically low real and nominal rates of interest, whether they will instruct the Debt Management Office (DMO) to increase the rate of issuance of long dated gilts; and when Ministers last met the Board and Chief Executive of the DMO.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The Debt Management Office's financing remit for the current financial year was set out in the Debt and Reserves Management Report 2011-12.The planned issuance of long-dated conventional gilts is £37.4 billion (22.3 per cent of total issuance). In addition, planned issuance for index-linked gilts is £38.0 billion (22.7 per cent of total issuance), the greater part of which will be bonds with in excess of 15 years to maturity. A statement on the financing remit will be made alongside the autumn statement on 29 November 2011.

Treasury Ministers maintain a regular dialogue with senior officials from the Debt Management Office.

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