Taxpayers will cover £85bn of losses made by the Bank of England on its quantitative easing programme which began during the global financial crisis, according to the latest estimates. Losses are mounting from the £895bn bond-buying scheme carried out between 2009 and 2021, which was designed to support the economy from the worldwide malaise triggered by the Lehman Brothers collapse and then the pandemic. The programme had reduced the Treasury’s budget deficit until 2022 but higher interest rates have reversed that effect. The Bank of England is in the process of getting the bonds off its books but £704bn of gilts remain. Quantitative easing will lose about £20bn a year until the early 2030s, according to the latest estimates by the Bank of England, which is equivalent to a third of the defence budget. Successive Chancellors agreed to indemnify the Bank against any losses on the scheme, leaving the taxpayer on the hook for the losses. Read the latest updates below. Thanks for joining us on the blog today. Chris Price will be back in the morning to cover all the latest markets news but do check out the Business section of The Telegraph for the latest stories. Rapidly climbing...