The Chancellor of the Exchequer and the Governor of the Bank of England jointly agreed to reduce the maximum authorised size of the APF. This was confirmed via a letter exchange on 10 November 2026.
Documents
Letter from the Chancellor of the Exchequer to the Governor of the Bank of England 10 November 2026
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Letter from the Chancellor of the Exchequer to the Governor of the Bank of England 10 November 2026
Letter from the Governor of the Bank of England to the Chancellor of the Exchequer 10 November 2026
This file may not be suitable for users of assistive technology.
Letter from the Governor of the Bank of England to the Chancellor of the Exchequer 10 November 2026
Details
The letters exchanged between the Chancellor and the Governor agreed to reduce the maximum authorised size of the APF. The decision was in line with an approach agreed in February 2022 where the Chancellor and Governor decided to periodically reduce the maximum authorised size of the APF as the size of the APF falls.