The accounts for the UK’s Asset Projection Fund for 2025 are released. Something that I did not mention in my last post is that the APF accounts are presented in a rather obfuscated fashion. Specifically, the Bank is the legal owner of the APF’s share capital; but the Bank is not the beneficial owner since…

There has been a lot of press coverage over the last three years over the losses that the UK government is incurring on its quantitative easing programme, and the related issue of the payment of interest on Bank of England reserve accounts. However it was not clear to me how these issues were related or…