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.

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.