Thu, 25 Sep 2025

Thu, 25 Sep 2025 Farage urges Bank of England boss to stop bond sales

Reform UK argues the sell-off, started in 2022, is pushing up the government's borrowing costs.
Nigel Farage met with Bank of England Governor Andrew Bailey, calling on him to halt the central bank's quantitative tightening programme. Reform UK claims the programme is costing taxpayers billions and increasing government debt costs. The party argues that the programme, which involves selling off bonds purchased during the 2008 financial crisis, is a "systemic misuse of taxpayers' money". Deputy leader Richard Tice said Rachel Reeves needs help ahead of her Budget at the end of November. Farage and Tice also appealed to Bailey to relax his approach to cryptocurrencies, accusing the Bank of stifling innovation. The Bank has been selling bonds purchased during quantitative easing (QE) programmes implemented after various crises. QE saw the Bank electronically create billions of pounds to buy government bonds, keeping market interest rates low. Reform UK claims that selling these bonds is costing taxpayers billions and increasing debt costs. Bailey met Farage and Tice earlier this week, after agreeing to a meeting. Speaking outside the Bank's HQ, Tice called for MPs to take a more active role in debating the policy, as it has significant implications for taxation and government spending. He also criticized the Bank's practice of paying interest on commercial bank reserves during QE. The Bank announced last week that it would slow the rate at which it sells off bonds from £100bn to £70bn per year. Bailey previously said QE should be considered in context and that the Bank had "regard to value for money" under the scheme. Farage also pressed Bailey on his approach to cryptocurrencies, which he claims is stifling innovation. Reform UK wants to make the UK a hub for cryptocurrency innovation if it wins power, with plans for a pilot scheme exempting financial institutions from some crypto rules and allowing taxes to be paid in Bitcoin or other approved cryptocurrencies.
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