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Bank Of England (Profits)

Volume 465: debated on Friday 20 May 1949

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asked the Chancellor of the Exchequer what the profits of the Bank of England have been since nationalisation; and whether they show an increase or decrease on the last pre-nationalisation figures.

Since the Bank of England Act, 1946, came into force, the Bank have paid to the Treasury £873,180 half-yearly in lieu of dividend, as provided in Section 1 (4) of the Act. This is the same amount as the half-yearly dividend previously paid on Bank of England Stock. The balance of profit after provision for the half-yearly payment is carried to the Rest, to which was previously carried any balance of profits after provision for the half-yearly dividend; these movements are shown in the Bank Return.