§ Mr. Foxasked the Chancellor of the Exchequer why the Bank of England has increased substantially its charge for the issue of new notes; and if he will make a statement.
§ Mr. Ian StewartThe Bank of England supplies notes to meet public demand, which in practice is channelled through the commercial banks, from their head office and branches at the face value of the note. The cost of printing, issue and distribution of notes to the banking system is a charge on the issue department of the bank; details of these costs are published in the bank's annual report and accounts.