Bank of England Profits

HC Deb 09 March 1995 vol 256 cc263-4W

Mr. Austin Mitchell

To ask the Chancellor of the Exchequer how much profit has been made by the Bank of England in each of the last four years; and what happens to such profits.

Mr. Nelson

The profits of the banking department of the Bank of England for the last four years were:

	1990–91 £ million	1991–92 £ million	1992–93 £ million	1993–94 £ million
	161.8	166.2	88.3	120.2
The profits were accounted for as follows:
(i) Tax	18.1	30.9	12.1	24.4
(ii) Paid to the Treasury	81.5	67.7	38.1	48.4
(iii) Retained by the Bank	62.2	67.6	38.1	47.4

In addition, the profits of the Bank's issue department from the issue of bank notes, which were all paid to the Treasury were:

	1990–91 £ million	1991–92 £ million	1992–93 £ million	1993–94 £ million
	2,546	1,875	1,556	1,117

This information is published in the Bank's annual report and accounts, copies of which are in the Library of the House.