February 21, 2024

The Bank of England saw its profits slump in the 2017-18 financial year as it invested in new capacity and launched a new range of plastic banknotes.

The Bank of England’s annual report, published on June 14, showed total expenditures of £647 million ($858 million) and operating income of £785 million. Profit after tax was 129 million pounds, of which 65 million pounds will be remitted to the Treasury, down from 101 million pounds a year ago.

The Bank of England said the main reason for the increase in spending was