The Bank of England's Court of Directors has approved a £66 million payment in lieu of dividend for the 2025/26 financial year. This includes a £20 million interim payment that had already been approved and paid. The proposal aligns with the Bank’s Memorandum of Understanding with HM Treasury.
The Court also supported the declaration of the Bank’s Anticipated Levy Requirement for the 2026/27 Levy Year, with aggregate levies constrained to increase by 3%. The budget for 2026/27 was reconfirmed, with no changes since its approval in February.
During its meeting on 4 June 2026, the Court approved the business case for the Customer Payments Evolution (CuPE) Programme and a contract with CISCO, which is expected to generate cost savings. The Court also discussed the impact of AI on the financial services sector and the broader economy, noting the rapid pace of development.
The Annual Report and Accounts for 2025/26 were deemed fair, balanced, and understandable, with the external audit concluded as effective. Final approval of the Annual Report and Accounts was delegated to a Signing Committee.