Policy paper

Financial relationship between the Treasury and the Bank of England

HM Treasury and the Bank of England have agreed a new Memorandum of Understanding, which sets out the financial relationship between the two institutions.

Documents

Letter from the Chancellor of the Exchequer to the Governor of the Bank of England (21 June 2018)

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Letter from the Governor of the Bank of England to the Chancellor of the Exchequer (21 June 2018)

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Details

The Memorandum of Understanding includes a new capital and income framework for the Bank of England which takes effect from today (21 June 2018).

This agreement will reinforce the Bank’s independence and resilience, provide greater transparency concerning the Bank’s finances, and reinforces the stability of the UK’s financial system.

Published 21 June 2018