Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has made an assessment of the merits of the Bank of England paying interest on reserve accounts maintained by commercial banks.

The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England.

There are no plans to change the way reserves are remunerated at the Bank of England. The government continues to support the Bank to bring inflation in line with its target, including by managing the public finances responsibly.