Consultation outcome

Implementing the Bank of England Levy: A Consultation on Draft Regulations

From:: HM Treasury
Published: 8 November 2023
Last updated: 25 January 2024 — See all updates

Read the full outcome

Implementing the Bank of England Levy: Summary of consultation responses and next steps

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Detail of outcome

We received two responses in total to the consultation. For further detail see our summary of consultation responses and next steps document and the Bank of England’s ‘Bank of England Levy Framework Document Policy statement’ that is published on its website.

HM Treasury has considered the responses to the consultation and noted that no questions were raised on the drafting of the Regulations. The government has laid the Regulations and, subject to Parliamentary approval, will progress with commencing the Bank of England Levy.

Original consultation

Consultation description

On June 7 2022, the government confirmed its intention to proceed with a levy-based arrangement to replace the Cash Ratio Deposit scheme. Doing so ensures that the income received by the Bank is in line with its forecast expenditure, provides increased certainty to the Bank on its overall funding and increased certainty to deposit-takers over the size of their annual contributions.

The government is now consulting on draft legislation that sets out which institutions are required to pay the levy and how the levy is apportioned. This consultation asks for stakeholders’ views on the drafting of that legislation. It should be read in parallel with the Bank of England’s consultation.

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