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UK Finance responded to HMT's consultation on reforms to the Cash Ratio Deposit Scheme, which funds the costs of the Bank of England's monetary policy and financial stability operations.
We agreed with the proposal that the funding should move to a levy-based approach asking that there is an option for the payment to be made on a quarterly basis, to smooth firms? cash flows. We also suggested that that the levy is introduced immediately at the point of implementation, with the Bank returning firms? existing cash ratio deposits straight away. We encouraged the Bank in its annual consultation process to be transparent about the key drivers on which the Bank has based its budget and expressed the view that banks alone should not pick up the tab for policies aimed at other types of firms, for instance FinTech businesses.
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