Bank of England – Progress on Net Zero and CBDC

The Bank of England’s 2023/24 report outlines significant activities related to banknotes, payments and digital currency. Banknote value and volume in circulation was flat but net seigniorage income was up 153%. The Bank continues to make progress on its net zero carbon goals.

Banknotes

The value of notes in circulation increased by 0.13% to £87 billion while the volume was, effectively, flat since it fell less than 0.01% to 4.603 billion pieces. The volume of all denominations fell, besides the £20 which was up 0.012%. The £10 fell the most, registering a reduction of 0.06% .

The introduction of banknotes featuring King Charles III (£5, £10, £20 and £50) with no other changes to the existing designs was also announced, entering circulation in June 2024.