Policy paper

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.

• From: HM Treasury and Bank of England
• Published: 13 February 2025

Documents

Joint statement on the Bank of England and HM Treasury financial relationship (PDF)

PDF, 129 KB, 1 page

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Joint statement on the Bank of England and HM Treasury financial relationship (accessible)

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Financial relationship between HM Treasury and the Bank of England: memorandum of understanding 2025 (PDF)

PDF, 154 KB, 19 pages

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Financial relationship between HM Treasury and the Bank of England: memorandum of understanding 2025 (accessible)

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Details

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.

Published 13 February 2025