Court approves 66 million pound dividend and 3 percent levy cap
The Bank of England's Court of Directors has approved the 2025/26 Annual Report, authorizing a £66 million dividend payment in lieu to HM Treasury. At its June meeting, the Court also approved the Customer Payments Evolution Programme and capped 2026/27 levy growth at 3 percent.
A 66 million pound dividend and modernization push
The Court of Directors formally approved the Bank of England's Annual Report and Accounts for the 2025/26 financial year following an unqualified audit opinion from EY.
As part of the annual financial closure, the Court sanctioned a total payment of £66 million in lieu of dividend to HM Treasury, which incorporates a previously paid £20 million interim distribution.
Aggregate levies under the Bank of England Levy for the 2026/27 levy year will be constrained to a 3 percent growth cap.
Operationally, the Court endorsed the business case for the Customer Payments Evolution Programme and approved a new strategic supplier contract with CISCO designed to reduce technology expenditure.
Additionally, Rohan Churm assumed the role of Executive Director for Monetary Policy.
Emissions bumps and balance sheet unwinding
The meeting highlighted broader strategic and environmental assessments.
The Bank confirmed it remains on track for its 2040 net-zero goal, despite expecting temporary emissions spikes above interim targets caused by Series H banknote printing and the Location Strategy Project.
On market operations, the unwinding of the Asset Purchase Facility continues as expected, with central bank reserves declining while regular lending facility usage grows.
The Court also noted the departure of Sam Woods after his second term as Deputy Governor for Prudential Regulation and discussed an ongoing public consultation regarding wildlife artwork for future banknotes.
Routine governance over bold strategy
The minutes demonstrate sound administrative housekeeping, yet they lack strategic ambition.
Acknowledging climate emission spikes reveals clear friction between internal projects and net-zero goals.
Routine approvals of budgets and contracts keep the Bank steady but break no new ground.