Asked by: Lord Hogan-Howe (Crossbench - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what is the trend in the value of cash sterling printed by the UK over the last 20 years; and to provide a breakdown of the amounts printed each year by denomination.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Bank of England is operationally independent in its banknote production decisions and determines the volume and denomination of notes issued based on demand from the wholesale cash industry. In Scotland and Northern Ireland, six commercial banks retain historical rights to issue their own sterling banknotes under the Banking Act 2009, subject to regulatory requirements that they hold backing assets equivalent to the value of notes in circulation.
The Royal Mint is the sole producer of UK circulating coinage, whilst HM Treasury holds responsibility for UK coinage under the Coinage Act 1971, with the Chancellor holding the historic title of Master of the Mint. HM Treasury, in consultation with the Royal Mint, determines the volume and denominations of coin issued in response to demand from the wholesale cash industry.
Aggregate data on notes and coin in circulation is available through the Bank of England statistics publications, the Royal Mint's Annual Report, and the annual reports of the Scottish and Northern Irish note-issuing banks.