Consultation on the UK Treasury bill market

In recent years, the government’s net financing requirements have been met primarily via gilt sales.

Through this consultation, the government is seeking to better inform the structure of its T-bill issuance programme, as well as exploring options to promote participation in the T-bill market – both via its primary market operations and through the development of a more active and liquid secondary market in the UK.

Together, these could potentially support a higher level of T-bill stock over time, which may in turn support a larger role for T-bills in the government’s debt financing programme.

The government welcomes views from all interested parties, and in particular from current and potential participants in the T-bill market.

Any decisions about the government’s approach to T-bill issuance and the T-bill market will consider stakeholder feedback, in addition to cost and risk considerations (in line with the government’s debt and cash management objectives). Said decisions will be communicated in the 2026-27 financial year, with sufficient notice to give the market time to prepare.

We strongly encourage responses via email to tbillconsultation@dmo.gov.uk. If you cannot respond via email, you may send a written response to the UK Debt Management Office at the address provided in the consultation document.

When responding, please clearly indicate which consultation question each comment relates to, and state whether you are responding as an individual or representing the views of an organisation, business, or representative body.