Hm Treasury
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 Englands 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 Englands consultation.
