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UK Debt Management Office gov.uk

Consultation on the UK Treasury bill market

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On 5 January 2026, HM Treasury (HMT) and the UK Debt Management Office (DMO) launched a consultation on expanding and deepening the UK Treasury-bill (T‑bill) market, which closed on 27 February 2026.

Having considered responses to the consultation, and following an analysis of cost and risk in line with the government’s debt and cash management objectives, HMT and the DMO will take the following steps to support market development:

  • Introduce T‑bills around the 12‑month maturity point at weekly tenders by the end of the 2026-27 financial year, to capture incremental sources of structural demand for maturities beyond six months.
  • Establish a Standing Repo Facility for T‑bills in the 2026-27 financial year, which will allow dealers to borrow T-bills on demand on a temporary basis, strengthening their ability to make two-way prices and support secondary market liquidity.
  • Create and maintain a T‑bill collateral pool (not for outright sale) that can be deployed in the secondary market, with collateral creation expected to begin shortly after Autumn Budget 2026.

    • The government will provide further updates around the implementation of these measures at Autumn Budget 2026.

    Going forward, the government will keep the case for further reforms (including those in this consultation) under review, in a manner that continues to be responsive to evolving market demand, whilst ensuring consistency with its debt and cash management objectives.

    HM Treasury and the UK Debt Management Office are consulting on expanding and deepening the UK Treasury bill (T-bill) market, as announced at Autumn Budget 2025. This supports our commitment to maintaining a well-diversified investor base, to enhance the resilience of the government’s financing programme.

    This consultation ran from
    3:30pm on 5 January 2026 to 11:59pm on 27 February 2026

    This is an extract. The publication continues at the source.

    Read the original at the source: https://www.gov.uk/government/consultations/consultation-on-the-uk-treasury-bill-market

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    September 20, 2026 19:53
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