Bank of England Levy: Impact of UK General Election on the publication of the Notification Document
As stated in the Bank of England Levy Framework Document (1.16) the Bank will publish an annual notification of its aggregate policy costs for the current Levy Year (Anticipated Levy Requirement) in the form of a Statistical Notice on its website. Table B (1.20) provides an indicative annual timeline for Levy payers on the Bank’s operational process for a Levy Year including the Annual Notification Document and invoicing. This envisaged that the Notification Document would be published in June, following publication of the Bank’s Annual Report & Accounts.
On 22 May 2024, the Prime Minister announced that a UK General Election would take place on 4 July 2024.
The Bank of England’s Annual Report and Accounts are required under the Bank of England Act 1998 to be presented to Parliament by the Chief Secretary to the Treasury. Due to the dissolution of Parliament on 30 May 2024, the presentation to Parliament has had to be delayed until the next Parliament.
The Notification Document can only be published after the Bank’s Annual Report and Accounts. The Bank has therefore had to revise the timetable for the first Levy Year.
Next steps:
The Notification Document, together with a revised timeline for invoicing and payment of the Levy, will now be published following the publication of the Bank’s Annual Report and Accounts.
The Bank expects this to be undertaken within 30 working days of the UK General Election.
Any questions on the above should be sent to BoELevy@bankofengland.co.uk.