B.4 The DMO's financing remit for 2011-12 has been revised to reflect the change in the NFR. Relative to the remit set out in April 2011, gross gilt issuance is projected to rise by £11.4 billion to £178.9 billion and Treasury bill issuance is projected to increase by £2.4 billion, taking the planned end-year Treasury bill stock to £63.2 billion.
B.5 Decisions on the skew of issuance in 2011-12 were set at Budget 2011 with reference to the Government's debt management objective, as set out in the Debt and reserves management report 2011-12.2 The split of gross gilt issuance by maturity in 2011-12 will remain broadly unchanged. It is anticipated that:
• short maturity conventional gilt issuance will increase by £3.2 billion to £60.6 billion (33.9 per cent of total issuance);
• medium maturity conventional gilt issuance will increase by £5.1 billion to £39.8 billion (22.2 per cent of total issuance);
• long maturity conventional gilt issuance will increase by £2.1 billion to £39.5 billion (22.1 per cent of total issuance); and
• index-linked gilt issuance will increase by £1.0 billion to £39.0 billion (21.8 per cent of total issuance).
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2 HM Treasury, March 2011