HC Deb 13 August 1940 vol 364 c616W
Mr. Liddall

asked the Chancellor of the Exchequer, in order to clear up misapprehension, whether the profits on the issue of money by the Bank of England are retained by the Bank of England or are, on the contrary, handed by the Bank of England to the Treasury; and whether all profits of the issue department of the Bank of England are paid over by the Bank to the Treasury for the benefit of the nation?

Sir K. Wood

Under the Bank Act of 1844 the issue of notes is entrusted to the issue department of the Bank of England and is "separated and kept wholly distinct" from the general banking business of the Bank. The profits of the issue department are, under the law, payable by the Bank to the Treasury and by the Treasury into the Exchange Equalisation Account. The Bank of England does not issue coin.