Asked by: Lord Reid of Cardowan (Labour - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what estimate they have made of the costs associated with redesigning Bank of England banknotes following the decision to replace historical figures as the principal theme.
Answered by Lord Livermore
The Bank of England periodically updates banknotes to incorporate stronger security features. The Bank has shared with HM Treasury an estimate of the overall investment required for the H-series of banknotes, however this cannot be disclosed at this stage due to commercial sensitivities in the design and production process.
As set out in the Memorandum of Understanding between HM Treasury and the Bank of England, the Bank of England is entirely responsible for the design, production, issue and distribution of banknotes.
Asked by: Lord Reid of Cardowan (Labour - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to ensure that future Bank of England banknote designs reflect the cultural, historical, and regional diversity of the United Kingdom.
Answered by Lord Livermore
As set out in the Memorandum of Understanding between HM Treasury and the Bank of England, the Bank of England is entirely responsible for the design, production, issue and distribution of banknotes.
In 2025, the Bank of England established a new internal advisory group, the Banknote Imagery Advisory Group, to advise the Governor on the choice of theme and imagery to appear on its new series of banknotes. Following a public consultation in July 2025, the Bank of England chose to depict UK wildlife on its next series of banknotes. On 3 June 2026, the Bank of England launched a further public consultation to seek the views on what images will appear on its next series of banknotes.
The final decision about what images will appear on the next series of banknotes will be made by the Governor of the Bank of England.
Asked by: Lord Reid of Cardowan (Labour - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the criteria used by the Bank of England to determine whether historical figures should continue to be represented on banknotes issued by the Bank of England.
Answered by Lord Livermore
As set out in the Memorandum of Understanding between HM Treasury and the Bank of England, the Bank of England is entirely responsible for the design, production, issue and distribution of banknotes.
As such, given responsibility rests with the Bank of England, HM Treasury has not made an assessment of the criteria used by the Bank of England to determine whether historical figures should continue to be represented on banknotes.
Asked by: Lord Reid of Cardowan (Labour - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the potential impact on public understanding of British history of the removal of historical figures from banknotes issued by the Bank of England.
Answered by Lord Livermore
As set out in the Memorandum of Understanding between HM Treasury and the Bank of England, the Bank of England is entirely responsible for the design, production, issue and distribution of banknotes.
As such, given responsibility rests with the Bank of England, HM Treasury has not made an assessment of the Bank of England's proposed banknote designs.
Asked by: Lord Reid of Cardowan (Labour - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government whether they were consulted by the Bank of England on its decision to replace historical figures on future banknote designs; and whether they will publish any correspondence relating to that consultation.
Answered by Lord Livermore
As set out in the Memorandum of Understanding between HM Treasury and the Bank of England, the Bank is entirely responsible for the design, production, issue and distribution of banknotes.
As such, HM Treasury is not consulted by the Bank of England on its banknote designs.
Asked by: Lord Reid of Cardowan (Labour - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government how they plan to ensure that sufficient funding is allocated to the Ministry of Defence so that the armed forces are adequately equipped and resourced for current and future missions.
Answered by Lord Livermore
The Government prioritises our National Security, currently spending more than £50 billion a year on defence.
Departmental expenditure limits for 2025-26 will be set alongside the Budget in October, which will also confirm control totals for 2024-25. A multi-year Spending Review, due to conclude in Spring 2025, will set Departmental expenditure limits for future years.
Asked by: Lord Reid of Cardowan (Labour - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government whether they have undertaken an impact assessment on the effects of any scheme to provide 99 per cent mortgages on the housing market.
Answered by Baroness Vere of Norbiton
The Government does not comment on theoretical schemes but continues to keep policy under review. The Government remains committed to supporting people of all incomes and at all stages of life in order to make the aspiration of home ownership a reality for as many households as possible.
Asked by: Lord Reid of Cardowan (Labour - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what plans they have to introduce a scheme providing for 99 per cent mortgages.
Answered by Baroness Vere of Norbiton
The Government does not comment on theoretical schemes but continues to keep policy under review. The Government remains committed to supporting people of all incomes and at all stages of life in order to make the aspiration of home ownership a reality for as many households as possible.