Bank of England (Profits)

HC Deb 20 May 1949 vol 465 c41W

Sir F. Sanderson

asked the Chancellor of the Exchequer what the profits of the Bank of England have been since nationalisation; and whether they show an increase or decrease on the last pre-nationalisation figures.

Mr. Glenvil Hall

Since the Bank of England Act, 1946, came into force, the Bank have paid to the Treasury £873,180 half-yearly in lieu of dividend, as provided in Section 1 (4) of the Act. This is the same amount as the half-yearly dividend previously paid on Bank of England Stock. The balance of profit after provision for the half-yearly payment is carried to the Rest, to which was previously carried any balance of profits after provision for the half-yearly dividend; these movements are shown in the Bank Return.