Budget 2010: Gilt issuance revised down by £20bn in 2010/11

The UK's planned gilt sales in 2010/11 have been revised down by £20.2bn to £165bn due to the Government's debt reduction programme outlined in the Budget.

In April's prediction, the total gilt issuance for this financial year was projected to hit at £185.2bn. The Debt Management Office has cancelled three gilt auctions as a consequence of the reduction, while the proportionate split of issuance between maturities and types of gilt will remain as previously projected. No changes are being made to planned Treasury bill sales. Reflecting these changes, gross gilt issuance of £165bn is expected to be split as follows: £52.6bn of short maturity gilt issuance (31.9%) £38.2bn of medium maturity gilt issuance (23.2%) £40.4bn of long ma...