Memorandum of Understanding Between HM Treasury and the Bank of England 2025
HM Treasury and the Bank of England have updated the 2018 Memorandum of Understanding on their financial relationship and published a Joint Statement.
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The updated Memorandum of Understanding takes effect from today (13 February 2025) and maintains the capital and income framework for the Bank of England.
This agreement continues to reinforce the Bank’s independence and resilience to deliver its statutory policy objectives of monetary and financial stability, and provides transparency concerning the Bank’s finances.
These documents can also be found on the Bank of England website.