BoE’s profits dip on higher banknote and research expenditure
But total expenditure comes in below budget due to lower headcount than expected
The Bank of England saw its profits dip in the 2017–18 financial year, as it invested in new capacity and rolled out a new series of polymer banknotes.
The BoE’s annual report was published on June 14, showing total expenditure of £647 million ($858 million) set against an operating income of £785 million. Profit after tax was £129 million, and £65 million will be remitted to the Treasury, down from £101 million a year earlier.
The BoE said the main reasons for the additional expenditure were
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