How embarrassing! Bank of England makes a £13.4bn blunder

Bank of England officials have misstated sales of UK government debt by £13.4bn.

Over £28.2bn of UK gilts were purchased in March. However, BoE stated that only £14.8bn of gilts was sold.

The mistake was attributed to a “clerical error” from February when “purchases of £5.8bn” were misstated as “sales of gilts of £7.6bn”.

In a statement, the bank said: “Due to a clerical error occurring while inputting the February value for non-residents’ purchases of gilts, the Bank of England bankstats’ publication and statistical interactive database are being revised.

“Purchases by UK monetary financial institutions and other UK private sector holders will be updated accordingly.” 

 

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