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To ask His Majesty's Government what is the current total level of reserve deposits from commercial banks held by the Bank of England; and whether the interest paid by the Bank to commercial banks on those deposits is fixed at the Bank Rate by convention or another reason.
To ask His Majesty's Government what is the current total level of reserve deposits from commercial banks held by the Bank of England; and whether the interest paid by the Bank to commercial banks on those deposits is fixed at the Bank Rate by convention or another reason.
Bank Rate is the reference rate that commercial banks both receive on their reserve holdings and must pay to borrow additional reserves from the Bank of England. Remuneration of reserves at Bank Rate plays a role in the implementation of monetary policy and ensures commercial banks pass on changes in interest rates to household and businesses.
Data on payments to and from HM Treasury to the Asset Purchase Facility (APF) is made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data is available in worksheet PSA9B.
Time period | Interest receivable (£ million) | Interest payable (£ million) | Net interest receivable (£ million) | Cash transfers to HM Treasury total (£ million) | Cash transfers from HM Treasury total (£ million) |
Dataset identifier code | MDD6 | MDD7 | MDD8 | MT6A | MF7A |
2021-22 | 17,990 | 1,859 | 16,131 | 7,218 | 0 |
2022-23 | 17,003 | 20,567 | -3,564 | 4,164 | 5,010 |
2023-24 | 15,403 | 39,748 | -24,345 | 0 | 44,549 |
2024-25 | 13,753 | 34,045 | -20,291 | 0 | 36,323 |
2025-26 | 11,802 | 23,596 | -11,793 | 0 | 16,660 |
These data refer to reserves backed only by bonds held in the Asset Purchase Facility (APF). A range of financial institutions hold reserve deposit accounts at the Bank of England and data on reserves held by commercial banks specifically is not publicly available. But the Bank of England does publish the aggregate level of outstanding reserves and the Bank Rate. As of 23 September 2026, total outstanding central bank sterling reserves were £642,336m.
The Monetary Policy Committee at the Bank of England are responsible for the conduct of monetary policy, and the separation of fiscal and monetary policy is essential to its effective delivery.
The UK’s approach of indemnifying the APF is in line with best practice as set out in a 2023 IMF working paper, relating to several areas of governance, accountability, and transparency. Other central banks do share both past Quantitative Easing-related profits and future losses with their national treasuries but do so, and account for doing so, in a variety of ways and over different time periods.
To ask His Majesty's Government what consideration they have given to paying interest on a proportion of reserve deposits made with the Bank of England by commercial banks and providing for any reduction in reserves to be paid out of the interest on that proportion, rather than the current arrangements in...
To ask His Majesty's Government what consideration they have given to paying interest on a proportion of reserve deposits made with the Bank of England by commercial banks and providing for any reduction in reserves to be paid out of the interest on that proportion, rather than the current arrangements in...
Bank Rate is the reference rate that commercial banks both receive on their reserve holdings and must pay to borrow additional reserves from the Bank of England. Remuneration of reserves at Bank Rate plays a role in the implementation of monetary policy and ensures commercial banks pass on changes in interest rates to household and businesses.
Data on payments to and from HM Treasury to the Asset Purchase Facility (APF) is made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data is available in worksheet PSA9B.
Time period | Interest receivable (£ million) | Interest payable (£ million) | Net interest receivable (£ million) | Cash transfers to HM Treasury total (£ million) | Cash transfers from HM Treasury total (£ million) |
Dataset identifier code | MDD6 | MDD7 | MDD8 | MT6A | MF7A |
2021-22 | 17,990 | 1,859 | 16,131 | 7,218 | 0 |
2022-23 | 17,003 | 20,567 | -3,564 | 4,164 | 5,010 |
2023-24 | 15,403 | 39,748 | -24,345 | 0 | 44,549 |
2024-25 | 13,753 | 34,045 | -20,291 | 0 | 36,323 |
2025-26 | 11,802 | 23,596 | -11,793 | 0 | 16,660 |
These data refer to reserves backed only by bonds held in the Asset Purchase Facility (APF). A range of financial institutions hold reserve deposit accounts at the Bank of England and data on reserves held by commercial banks specifically is not publicly available. But the Bank of England does publish the aggregate level of outstanding reserves and the Bank Rate. As of 23 September 2026, total outstanding central bank sterling reserves were £642,336m.
The Monetary Policy Committee at the Bank of England are responsible for the conduct of monetary policy, and the separation of fiscal and monetary policy is essential to its effective delivery.
The UK’s approach of indemnifying the APF is in line with best practice as set out in a 2023 IMF working paper, relating to several areas of governance, accountability, and transparency. Other central banks do share both past Quantitative Easing-related profits and future losses with their national treasuries but do so, and account for doing so, in a variety of ways and over different time periods.
To ask His Majesty's Government why the practice of using public funds from HM Treasury to pay the Bank of England to enable the Bank to pay interest to commercial banks on their reserve deposits is continuing in the UK, in the light of international comparisons with the EU, Swiss...
To ask His Majesty's Government why the practice of using public funds from HM Treasury to pay the Bank of England to enable the Bank to pay interest to commercial banks on their reserve deposits is continuing in the UK, in the light of international comparisons with the EU, Swiss...
Bank Rate is the reference rate that commercial banks both receive on their reserve holdings and must pay to borrow additional reserves from the Bank of England. Remuneration of reserves at Bank Rate plays a role in the implementation of monetary policy and ensures commercial banks pass on changes in interest rates to household and businesses.
Data on payments to and from HM Treasury to the Asset Purchase Facility (APF) is made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data is available in worksheet PSA9B.
Time period | Interest receivable (£ million) | Interest payable (£ million) | Net interest receivable (£ million) | Cash transfers to HM Treasury total (£ million) | Cash transfers from HM Treasury total (£ million) |
Dataset identifier code | MDD6 | MDD7 | MDD8 | MT6A | MF7A |
2021-22 | 17,990 | 1,859 | 16,131 | 7,218 | 0 |
2022-23 | 17,003 | 20,567 | -3,564 | 4,164 | 5,010 |
2023-24 | 15,403 | 39,748 | -24,345 | 0 | 44,549 |
2024-25 | 13,753 | 34,045 | -20,291 | 0 | 36,323 |
2025-26 | 11,802 | 23,596 | -11,793 | 0 | 16,660 |
These data refer to reserves backed only by bonds held in the Asset Purchase Facility (APF). A range of financial institutions hold reserve deposit accounts at the Bank of England and data on reserves held by commercial banks specifically is not publicly available. But the Bank of England does publish the aggregate level of outstanding reserves and the Bank Rate. As of 23 September 2026, total outstanding central bank sterling reserves were £642,336m.
The Monetary Policy Committee at the Bank of England are responsible for the conduct of monetary policy, and the separation of fiscal and monetary policy is essential to its effective delivery.
The UK’s approach of indemnifying the APF is in line with best practice as set out in a 2023 IMF working paper, relating to several areas of governance, accountability, and transparency. Other central banks do share both past Quantitative Easing-related profits and future losses with their national treasuries but do so, and account for doing so, in a variety of ways and over different time periods.
To ask His Majesty's Government what has been the cost in each year since 2021–22 of payments to the Bank of England by HM Treasury, to enable the Bank to pay interest to commercial banks on their reserve deposits with the Bank.
To ask His Majesty's Government what has been the cost in each year since 2021–22 of payments to the Bank of England by HM Treasury, to enable the Bank to pay interest to commercial banks on their reserve deposits with the Bank.
Bank Rate is the reference rate that commercial banks both receive on their reserve holdings and must pay to borrow additional reserves from the Bank of England. Remuneration of reserves at Bank Rate plays a role in the implementation of monetary policy and ensures commercial banks pass on changes in interest rates to household and businesses.
Data on payments to and from HM Treasury to the Asset Purchase Facility (APF) is made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data is available in worksheet PSA9B.
Time period | Interest receivable (£ million) | Interest payable (£ million) | Net interest receivable (£ million) | Cash transfers to HM Treasury total (£ million) | Cash transfers from HM Treasury total (£ million) |
Dataset identifier code | MDD6 | MDD7 | MDD8 | MT6A | MF7A |
2021-22 | 17,990 | 1,859 | 16,131 | 7,218 | 0 |
2022-23 | 17,003 | 20,567 | -3,564 | 4,164 | 5,010 |
2023-24 | 15,403 | 39,748 | -24,345 | 0 | 44,549 |
2024-25 | 13,753 | 34,045 | -20,291 | 0 | 36,323 |
2025-26 | 11,802 | 23,596 | -11,793 | 0 | 16,660 |
These data refer to reserves backed only by bonds held in the Asset Purchase Facility (APF). A range of financial institutions hold reserve deposit accounts at the Bank of England and data on reserves held by commercial banks specifically is not publicly available. But the Bank of England does publish the aggregate level of outstanding reserves and the Bank Rate. As of 23 September 2026, total outstanding central bank sterling reserves were £642,336m.
The Monetary Policy Committee at the Bank of England are responsible for the conduct of monetary policy, and the separation of fiscal and monetary policy is essential to its effective delivery.
The UK’s approach of indemnifying the APF is in line with best practice as set out in a 2023 IMF working paper, relating to several areas of governance, accountability, and transparency. Other central banks do share both past Quantitative Easing-related profits and future losses with their national treasuries but do so, and account for doing so, in a variety of ways and over different time periods.
To ask His Majesty's Government what amount of interest has been paid to commercial banks on central bank reserves in each of the last ten years; and whether they have considered ending such payments.
To ask His Majesty's Government what amount of interest has been paid to commercial banks on central bank reserves in each of the last ten years; and whether they have considered ending such payments.
Data on the interest paid on central bank reserves backed by bonds held in the Asset Purchase Facility is made publicly available by the Office for National Statistics in its monthly Public Sector Finances publication.
Time period | Interest payable |
Dataset identifier code | MDD7 |
2015 | 1,872 |
2016 | 1,515 |
2017 | 1,501 |
2018 | 3,434 |
2019 | 3,374 |
2020 | 1,078 |
2021 | 941 |
2022 | 13,394 |
2023 | 38,233 |
2024 | 36,335 |
2025 | 25,910 |
These data refer to reserves backed only by bonds held in the Asset Purchase Facility. While data on total interest paid is not available, the Bank of England does publish the aggregate level of outstanding reserves and the Bank Rate.
Paying interest on reserves is an important part of the transmission of monetary policy to the real economy and there are no plans to change the way reserves are remunerated at the Bank of England.
Explains how the Bank of England’s (BoE's) quantitative easing (QE) programme affects government's spending on debt interest. Discusses contentious proposals to decrease the affect by reducing the interest rate paid on the reserves commercial banks hold at the BoE.
Explains how the Bank of England’s (BoE's) quantitative easing (QE) programme affects government's spending on debt interest. Discusses contentious proposals to decrease the affect by reducing the interest rate paid on the reserves commercial banks hold at the BoE.
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of (a) reducing or (b) removing the interest paid to commercial banks on the reserves those banks hold with the Bank of England.
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of (a) reducing or (b) removing the interest paid to commercial banks on the reserves those banks hold with the Bank of England.
Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England. The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, and essential for the effective delivery of monetary policy, so the government does not comment on the conduct or effectiveness of monetary policy.
Paying interest on reserves is an important part of the transmission of monetary policy to the real economy. There are no plans to change the way reserves are remunerated at the Bank of England. The government is providing the stability required for the independent Monetary Policy Committee to bring inflation to target, by managing the public finances responsibly.
To ask the Chancellor of the Exchequer, what recent assessment she has made of the potential merits of requiring the Bank of England to pay interest on its reserves to commercial banks.
To ask the Chancellor of the Exchequer, what recent assessment she has made of the potential merits of requiring the Bank of England to pay interest on its reserves to commercial banks.
The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England.
There are no plans to change the way reserves are remunerated at the Bank of England. The government continues to support the Bank to bring inflation in line with its target, including by managing the public finances responsibly.
To ask the Chancellor of the Exchequer, whether she has had recent discussions with the Governor of the Bank of England on moving to a two-tier system for reserve remuneration.
To ask the Chancellor of the Exchequer, whether she has had recent discussions with the Governor of the Bank of England on moving to a two-tier system for reserve remuneration.
The Chancellor regularly meets with the Governor of the Bank of England to discuss matters relating to economy and the Bank’s progress towards meeting its price stability targets.
The government continues to support the Bank’s independence to carry out its statutory responsibilities for monetary policy and financial stability, and there are no plans to change the way reserves are remunerated at the Bank of England. The government is providing the stability required for the MPC to bring interest rates down, by managing the public finances responsibly.
To ask the Chancellor of the Exchequer, what estimate she has made of the potential saving to the Exchequer of moving to a two-tier system for reserve renumeration.
To ask the Chancellor of the Exchequer, what estimate she has made of the potential saving to the Exchequer of moving to a two-tier system for reserve renumeration.
The Chancellor regularly meets with the Governor of the Bank of England to discuss matters relating to economy and the Bank’s progress towards meeting its price stability targets.
The government continues to support the Bank’s independence to carry out its statutory responsibilities for monetary policy and financial stability, and there are no plans to change the way reserves are remunerated at the Bank of England. The government is providing the stability required for the MPC to bring interest rates down, by managing the public finances responsibly.
To ask the Chancellor of the Exchequer, whether she has made an assessment of the merits of the Bank of England paying interest on reserve accounts maintained by commercial banks.
To ask the Chancellor of the Exchequer, whether she has made an assessment of the merits of the Bank of England paying interest on reserve accounts maintained by commercial banks.
The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England.
There are no plans to change the way reserves are remunerated at the Bank of England. The government continues to support the Bank to bring inflation in line with its target, including by managing the public finances responsibly.
To ask the Chancellor of the Exchequer, whether she has had discussions with the Bank of England on a tiered reserve system.
To ask the Chancellor of the Exchequer, whether she has had discussions with the Bank of England on a tiered reserve system.
The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England. The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, and essential for the effective delivery of monetary policy, so the government does not comment on the conduct or effectiveness of monetary policy.
There are no plans to change the way reserves are remunerated at the Bank of England. The government continues to support the Bank to bring inflation in line with its target, including by managing the public finances responsibly.
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of introducing a tiered reserve system on public finances.
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of introducing a tiered reserve system on public finances.
The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England. The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, and essential for the effective delivery of monetary policy, so the government does not comment on the conduct or effectiveness of monetary policy.
There are no plans to change the way reserves are remunerated at the Bank of England. The government continues to support the Bank to bring inflation in line with its target, including by managing the public finances responsibly.
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of limiting the amount of money that the Bank of England can pay in interest to commercial banks.
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of limiting the amount of money that the Bank of England can pay in interest to commercial banks.
The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England.
There are no plans to change the way reserves are remunerated at the Bank of England. The government continues to support the Bank to bring inflation in line with its target, including by managing the public finances responsibly.
Letter dated 20/07/2021 from John Glen MP to Pat McFadden MP regarding points raised during the Draft Bank of England Act 1998 (Macro-Prudential Measures) (Amendment) Order 2021: whether this instrument is part of the onshoring process, the effect of excluding central bank reserves from the leverage ratio calculation, the government’s broader plans for bank capital now the UK has left the EU.. 2p.
Letter dated 20/07/2021 from John Glen MP to Pat McFadden MP regarding points raised during the Draft Bank of England Act 1998 (Macro-Prudential Measures) (Amendment) Order 2021: whether this instrument is part of the onshoring process, the effect of excluding central bank reserves from the leverage ratio calculation, the government’s...
Letter dated 20/12/2018 from Lord Bates to Lord Tunnicliffe regarding questions raised during the debate on the Capital Requirements (Amendment) (EU Exit) Regulations 2018: exposures to EU sovereign debt and firms' use of internal models, and replacing the reference to EU Directive with reference to standards issued by the Financial Reporting Council or a predecessor body. 2p.
Letter dated 20/12/2018 from Lord Bates to Lord Tunnicliffe regarding questions raised during the debate on the Capital Requirements (Amendment) (EU Exit) Regulations 2018: exposures to EU sovereign debt and firms' use of internal models, and replacing the reference to EU Directive with reference to standards issued by the Financial...
Motion to consider. Agreed to on question.
Motion to consider. Agreed to on question.