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 Department for Energy Security & Net Zero:
To ask His Majesty's Government what contingency plans are in place to ensure continuity of gas supply to households and critical infrastructure in the event that gas storage levels fall significantly.
Answered by Lord Whitehead
Government has no concerns regarding our gas security. This assessment is supported by the system operator, National Gas, who are confident we would meet gas demand in the event of disruption such as large infrastructure failure during a cold snap; and who have powers to improve gas supply if needed.
Whilst the UK already benefits from diverse sources of gas supply that limit our reliance on one type of infrastructure - including North Sea production, pipeline imports from Europe, three LNG terminals, and eight storage facilities - the Government recognise that the energy transition could impact our future infrastructure requirements. This is why we recently consulted on options to preserve gas security of supply, including measures to encourage new storage investment or introduce strategic storage. We will publish a response in due course.
Asked by: Lord Reid of Cardowan (Labour - Life peer)
Question to the Department for Energy Security & Net Zero:
To ask His Majesty's Government what assessment they have made of the adequacy of the UK's current gas storage capacity to meet demand in the event of a prolonged supply disruption.
Answered by Lord Whitehead
Government has no concerns regarding our gas security. This assessment is supported by the system operator, National Gas, who are confident we would meet gas demand in the event of disruption such as large infrastructure failure during a cold snap; and who have powers to improve gas supply if needed.
Whilst the UK already benefits from diverse sources of gas supply that limit our reliance on one type of infrastructure - including North Sea production, pipeline imports from Europe, three LNG terminals, and eight storage facilities - the Government recognise that the energy transition could impact our future infrastructure requirements. This is why we recently consulted on options to preserve gas security of supply, including measures to encourage new storage investment or introduce strategic storage. We will publish a response in due course.
Asked by: Lord Reid of Cardowan (Labour - Life peer)
Question to the Department for Energy Security & Net Zero:
To ask His Majesty's Government what steps they are taking to encourage investment in new large-scale gas storage facilities in the UK.
Answered by Lord Whitehead
Government has no concerns regarding our gas security. This assessment is supported by the system operator, National Gas, who are confident we would meet gas demand in the event of disruption such as large infrastructure failure during a cold snap; and who have powers to improve gas supply if needed.
Whilst the UK already benefits from diverse sources of gas supply that limit our reliance on one type of infrastructure - including North Sea production, pipeline imports from Europe, three LNG terminals, and eight storage facilities - the Government recognise that the energy transition could impact our future infrastructure requirements. This is why we recently consulted on options to preserve gas security of supply, including measures to encourage new storage investment or introduce strategic storage. We will publish a response in due course.
Asked by: Lord Reid of Cardowan (Labour - Life peer)
Question to the Department for Energy Security & Net Zero:
To ask His Majesty's Government what comparative analysis they have conducted of the UK's gas storage capacity as a proportion of annual demand relative to that of EU member states.
Answered by Lord Whitehead
In 2024, UK storage equated to approximately 5% of annual gas demand. This compares to a 2024 EU average of 29%.
The UK has access to diverse sources of gas supply, including gas from the UK Continental Shelf, pipeline imports from Norway, Belgium and the Netherlands, and the second largest LNG import capacity in Europe. This limits our reliance on one source of supply, and means that the UK does not rely on natural gas storage in the same way that many European countries do.
Asked by: Lord Reid of Cardowan (Labour - Life peer)
Question to the Department for Energy Security & Net Zero:
To ask His Majesty's Government whether they have considered establishing a strategic national gas reserve.
Answered by Lord Whitehead
Government has no concerns regarding our gas security. This assessment is supported by the system operator, National Gas, who are confident we would meet gas demand in the event of disruption such as large infrastructure failure during a cold snap; and who have powers to improve gas supply if needed.
Whilst the UK already benefits from diverse sources of gas supply that limit our reliance on one type of infrastructure - including North Sea production, pipeline imports from Europe, three LNG terminals, and eight storage facilities - the Government recognise that the energy transition could impact our future infrastructure requirements. This is why we recently consulted on options to preserve gas security of supply, including measures to encourage new storage investment or introduce strategic storage. We will publish a response in due course.