World News

UK debt office ramps up gilt sales to fund coronavirus spending surge

LONDON (Reuters) – The British government’s debt office will ramp up its sales of gilts to raise 45 billion pounds ($55 billion) in April, reflecting a surge in borrowing and spending planned by finance minister Rishi Sunak to mitigate the economic hit from the coronavirus crisis.

The Debt Management Office said on Tuesday it would conduct four auctions per week starting next week, mainly through the sale of conventional gilts and in maturities across the curve.

(Writing by William Schomberg; editing by Sarah Young)