UK Refuses to Publish QE Indemnity Due to ‘Market Sensitivities’

The UK Treasury has refused to publish full details of the contract that requires taxpayers to cover losses in the Bank of England’s quantitative-easing program because it contains “market sensitivities.”

The disclosure came in a letter from Chancellor Jeremy Hunt to the House of Lords Economic Affairs Committee and appears to contradict the government’s earlier position that the deed contains nothing of any interest.

In the last year and half, the indemnity has become highly expensive for UK taxpayers. The government has already transferred £38 billion ($47.7 billion) to the BOE to cover losses on the program and the bank ...