Spending and Tax
Dear Bank of England,
1) Is the United Kingdom government spending paid for by borrowing from the Bank of England?
2) Are tax receipts (which are held in government accounts at the Bank of England) at any point deleted/destroyed/cancelled?
3) How can the Bank of England “lend” something that it doesn’t have prior to making a loan? In order to lend something in law, don’t you first have to own it?
Yours faithfully,
J Cearbhaill
Dear J Cearbhaill
We acknowledge receipt of your email dated 26 October below (our ref. CAS-37637-D2K9H8).
We will reply in due course.
Yours sincerely
Information Access Team, Communications Directorate
Bank of England | Threadneedle Street | London EC2R 8AH | +44 20 3461 4878
Dear J Cearbhaill
Please find attached response to your email dated 26 October below.
Yours sincerely
Information Access Team, Communications Directorate
Bank of England | Threadneedle Street | London EC2R 8AH | +44 20 3461 4878
Dear Enquiries,
Thank you for the reply, to clarify does the Bank of England debit the UK government’s loan account?
Yours sincerely,
J Cearbhaill
Dear J Cearbhaill
We acknowledge receipt of your email dated 25 November below (our ref. CAS-38952-Z2D2K9).
We will reply in due course.
Yours sincerely
Information Access Team, Communications Directorate
Bank of England | Threadneedle Street | London EC2R 8AH | +44 20 3461 4878
Dear J Cearbhaill
Please find attached response to your email dated 25 November below.
Yours sincerely
Information Access Team, Communications Directorate
Bank of England | Threadneedle Street | London EC2R 8AH | +44 20 3461 4878
Dear Enquiries,
I am well aware HM Treasury bank at The Bank of England. I am seeking a conformation whenever HM Treasury spends it does NOT use taxes. Instead HM Treasury tells the Bank of England to make payments for it. In effect, it borrows. Correct?
Yours sincerely,
J Cearbhaill
Dear J Cearbhaill
We acknowledge receipt of your email dated 21 December below (our ref: CAS-39972-F5V1R4).
We will reply in due course.
Yours sincerely
Information Access Team, Communications Directorate
Bank of England | Threadneedle Street | London EC2R 8AH | +44 20 3461 4878
Dear J Cearbhaill
Thank you for your further email dated 21 December below.
As explained in our responses to you dated 19 November and 20 December 2021 (attached for reference), the Bank of England's role does not include financing Government spending. To find out information on taxes and spending by HM Treasury, we would suggest that you contact HM Treasury at the following address:
HM Treasury
The Correspondence and Enquiry Unit
1 Horse Guards Road
Westminster
London
SW1A 2HQ
United Kingdom
[email address]
Yours sincerely
Information Access Team, Communications Directorate Bank of England | Threadneedle Street | London EC2R 8AH | +44 20 3461 4878
Dear Enquiries,
The answers you have provided do not address my questions other than answer in a context of clear prevarication. To put it simply, I will ask the following questions.
1) Does the Bank of England have any financial instruments with Her Majesty's Treasury?
2) If the Bank of England does have financial instruments with Her Majesty's Treasury, what are they?
Yours sincerely,
J Cearbhaill
Dear J Cearbhaill
We acknowledge receipt of your email dated 19 January below (our ref: CAS-40786-X5K9K5).
We will reply in due course.
Yours sincerely
Information Access Team, Communications Directorate
Bank of England | Threadneedle Street | London EC2R 8AH | +44 20 3461 4878
Dear Bank of England,
Please pass this on to the person who conducts Freedom of Information reviews.
I am writing to request an internal review of Bank of England's handling of my FOI request 'Spending and Tax'.
I have not received a response which is long overdue. By law, The Bank of England should have responded by now.
A full history of my FOI request and all correspondence is available on the Internet at this address: https://www.whatdotheyknow.com/request/s...
Yours faithfully,
J Cearbhaill
Dear J Cearbhaill
Thank you for your email dated 28 January below.
Please note that we are in the process of responding to your email dated 19 January 2022. We will endeavour to respond within the time limits for complying with a request for information set out under the Freedom of Information Act 2000. The process to submit a request for an internal review will be outlined in our response.
Yours sincerely
Information Access Team, Communications Directorate Bank of England | Threadneedle Street | London EC2R 8AH | +44 20 3461 4878
Dear J Cearbhaill
Please find attached response to your email dated 19 January below.
Yours sincerely
Information Access Team, Communications Directorate
Bank of England | Threadneedle Street | London EC2R 8AH | +44 20 3461 4878
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