MNI Spring Statement 2026 Preview: UK Issuance Deep Dive

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• We look at the market and political implications of the Spring Statement and also expectations for the FY26/27 gilt remit.
• The median expectation that we have seen from the previews that we have read looks for gilt sales of GBP242.5bln in the FY26/27 (down from the target of GBP303.7bln in FY25/26). 10/12 (83%) of the forecasts we have seen range from GBP234.7bln through to GBP255bln, so broadly expectations are for a GBP50-70bln reduction in gilt issuance relative to FY25/26. 
• We look through the expectations within each maturity bucket, too.
• We also look at whether the fiscal rules would stick under a different premiership and the potential implications of fiscal policy under a Rayner leadership.