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That is because banks are already holding excess central bank reserves that have been injected into the banking system during the day by virtue of HM Treasury’s net spending
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Full article: The Self-Financing State: An Institutional Analysis of

https://www.tandfonline.com/doi/full/10.1080/00213624.2025.2533726
Government Expenditure, Revenue Collection and Debt Issuance Operations in the United Kingdom Skip to Main Content Journals Close Journals Menu Browse all journals Browse all journals A-Z Open access journals Open Select (hybrid)

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https://www.tandfonline.com/doi/pdf/10.1080/10691898.2005.11910638
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