The UK said on Monday it plans to sell a record £275 billion of government debt between April and August to pay for the massive spending it undertook to help its economy recover from the coronavirus pandemic.

Government bonds sales of £275 billion will more than double its borrowing in the whole previous financial year. 

The updated figure from the UK Debt Management Office is a £50 billion increase from its previous estimate for the April to July period. 

A Bloomberg survey of primary dealers has forecast £412 billion of UK government bond issuance for the year.

“It’s a bit higher than I expected,” Adam Dent, UK rates strategist at Banco Santander SA, told Bloomberg.

In a statement, the UK Debt Management Office said: “To facilitate the government’s financing needs in the period until the end of August 2020, the UK Debt Management Office (DMO) is announcing that it is planning to raise a minimum of £275 billion overall in the period April to August 2020.

“The DMO is also confirming auction dates in July 2020 and publishing an auction calendar for August 2020. 

“The DMO plans to hold 33 gilt auctions in July to August 2020.

“For the period July to August 2020, the DMO is retaining the operational parameters (including size ranges) and approach to auction calendar design that have been in place since May 2020 …

“HM Treasury and the DMO will make a further announcement about the financing remit for the period September to November 2020 before the end of July 2020. 

“It is expected that market consultation will follow the July 2020 remit announcement. The DMO will give advance notice of the timing of that announcement …”