Labour accuses government of losing £250bn from value of UK assets

Rachel Reeves says Tory bond black hole will land working people with another astronomical bill'

Labour has accused the government of catastrophic financial mismanagement" and claimed it has lost" 251bn from the value of assets created to rescue the banking sector after the 2008 financial crash.

The party said analysis of recently published figures showed that a decline in the value of the Bank of England's assets - over which the Treasury acts as a guarantor - was a huge loss to taxpayers, equivalent to 10% of gross domestic product (GDP) in 2022, or the entire GDP of Scotland and Wales combined".