Written question asked by Lord Reid of Cardowan (Labour) on Monday, 8 June 2026, in the House of Lords. It was due for an answer on Monday, 22 June 2026. It was answered by Lord Livermore (Labour) on Monday, 22 June 2026 on behalf of the Treasury.

Bank Notes: Design

Question: To ask His Majesty's Government what estimate they have made of the costs associated with redesigning Bank of England banknotes following the decision to replace historical figures as the principal theme.

Answer

The Bank of England periodically updates banknotes to incorporate stronger security features. The Bank has shared with HM Treasury an estimate of the overall investment required for the H-series of banknotes, however this cannot be disclosed at this stage due to commercial sensitivities in the design and production process.

As set out in the Memorandum of Understanding between HM Treasury and the Bank of England, the Bank of England is entirely responsible for the design, production, issue and distribution of banknotes.

Secondary information

Type: Written question
Reference: HL753
Session: 2026-27
Subjects: Costs Design Bank of England Bank notes
Contains statistics: Yes
Link: View this Written question on www.parliament.uk

Bank Notes: Design

Secondary information

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