Quid pro quo for pound notes

Christopher Paul made this Freedom of Information request to Bank of England

This request has been closed to new correspondence. Contact us if you think it should be reopened.

The request was partially successful.

Christopher Paul

Dear Bank of England,

I would like to request under the feredom of information act, when was it made so that the populace using the BoE banknotes could not recover gold in exchange for their notes?

As well as this, what true intrinsic value does the hard currency have, if the power of exchange for precious metals (silver/gold) has been removed from said currency?

Yours faithfully,

Christopher Paul

Enquiries, Bank of England

Dear Mr Paul

We acknowledge receipt of your email dated 10 March below (our ref V 127482).

We will reply in due course.

Information Access Team, Communications Directorate
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878 [Bank of England request email]  

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Enquiries, Bank of England

1 Attachment

Dear Mr Paul

Please find attached a response to your email of 10 March below.

Yours sincerely

Information Access Team, Communications Directorate
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878
[Bank of England request email]

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Christopher Paul

Dear Enquiries,

With regards to your statute of maintaining "price stability", by what level would the currency have to devalue for the BoE and indeed, the GBP be rendered unfit for purpose?

And has not QE severely damaged, if not, destroyed the BoE's statute for maintaining price stability, as seen by the shrinking of products (ie: less product for the same price) and price rises for staple goods and services?

Yours sincerely,

Christopher Paul

Enquiries, Bank of England

Dear Mr Paul

We acknowledge receipt of your email dated 9 April below (our ref V 130635).

We will reply in due course.

Information Access Team|Communications Directorate
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878 [Bank of England request email] 

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Enquiries, Bank of England

1 Attachment

Dear Mr Paul

Please find attached a response to your email of 9 April below.

Yours sincerely

Information Access Team, Communications Directorate
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878
[Bank of England request email]

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Christopher Paul

Dear Enquiries,

It seems you have sidestepped the substance of my question, so I will therefore clarify:

With regard to "price stability", by how much would the people's purchasing power with the Great British Pound have to fall, due to inflation, QE, artificially low interest rates or any other mitigating circumstances, before the Bank of England would be in breach of their statute by law to maintain "price stability", and therefore render themselves not fit for purpose?

Yours sincerely,

Christopher Paul

Enquiries, Bank of England

Dear Mr Paul

We acknowledge receipt of your email dated 11 May below (our ref: V 134040).

We will reply in due course.

Information Access Team|Communications Directorate
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878 [Bank of England request email] 

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Christopher Paul

Dear Enquiries,

I would like to inform you that you are now in breach of your obligation to fulfill FoI requests within 20 working days.

I am therefore requesting an internal review on the matter. Should I find it unsatisfactory, I shall then refer this inquiry to the ICO.

Yours sincerely,

Christopher Paul

Enquiries, Bank of England

1 Attachment

Dear Mr Paul

Please find attached a response to your email of 11 May below. Our apologies for the delay in responding to your enquiry.

Yours sincerely

Information Access Team, Communications Directorate
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878
[Bank of England request email]

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Enquiries, Bank of England

Dear Mr Paul

We acknowledge receipt of your email dated 12 June below (our ref: V 138162).

We will reply in due course.

Information Access Team, Communications Directorate
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878 [Bank of England request email]  

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Enquiries, Bank of England

1 Attachment

Dear Mr Paul

Please find attached a response to your email dated 12 June below.

Yours Sincerely

Information Access Team, Communications Directorate
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878
[Bank of England request email]

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