Remove the Bank of England's taxpayer indemnity for QE bond losses. The Treasury should amend the 2009 agreement so the BoE bears its own QT losses like other central banks.

UK taxpayers cover some of the BoE's QE losses – estimated £134bn in total. We believe that when rates rose, QT accelerated losses faster than other nations, and that this 2009 policy creates reckless incentives and costs every household £350/year. We think scrapping it could: 1) Stop this unfair burden 2) Align UK with global norms 3) Improve fiscal responsibility without affecting monetary policy.