The Bank of England has made nearly £10bn in paper profits by buying UK government bonds as part of emergency efforts to pump money into the British economy.
The financial shot in the arm - a buy-back programme that began in March 2009 and involved purchasing nearly £200bn in gilts - has generated gains of £9.7bn for the Bank, according to analysis for the Financial Times.
The gains, which would only be realised were the central bank to sell the bonds back to financial markets at current prices, are a surprising twist in central bankers' frantic efforts to head off a deeper recession.
The Bank's programme of quantitative easing was designed to expand the money supply in the economy.
It bought £198.2bn of gilts between March 2009 and January 2010.
Redundancy deals for civil servants slashed by 85%
Gold-plated redundancy payments to civil servants are to be slashed by up to 85%, as ministers prepare for a wave of job cuts in the public sector, the Daily Mail reports.
The Government will cut redundancy terms for Britain's 500,000 civil servants from a maximum of six years and eight months to a maximum of one year.
Cabinet Office minister Francis Maude says the existing scheme was 'hugely out of kilter' with deals in the private sector and 'simply untenable' at a time of spending restraint.
Last year it emerged 15,000 civil servants had been made redundant over the previous three years, pocketing almost £1billion in payoffs, with averages payout of almost £60,000.
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