The Bank of England has reportedly written plans with the DMO to overhaul its money-printing programme, with plans to stop selling 20- and 30-year gilts, the Telegraph reports

A retreat from active gilt sales at the long end would fit an established pattern in balance sheet runoffs: as central banks move from passive redemption to outright sales, the concentration of issuance and QT supply at longer maturities has repeatedly drawn political and market pressure, and long-end sales are typically the first component to be trimmed when term premia and debt management costs come under scrutiny. The operative distinction is between active sales and passive runoff: halting sales of 20- and 30-year paper reduces net supply at the tenors most sensitive to pension and insurer demand, while the redemption profile continues to shrink the balance sheet regardless. Coordination with the DMO matters because the channel runs through the combined remit, Bank sales plus DMO issuance, and past episodes of this kind have seen long-end spreads and swap spreads respond to shifts in the supply mix rather than to headline balance sheet size. The follow-ons are whether this is formalised in the next annual QT decision and DMO remit revision, and whether it signals a broader tilt toward shorter maturities in both issuance and sales. As an unattributed report rather than a confirmed decision, the signal is directional pending official confirmation.