The Bank of England saw its profits dip in the 2017–18 financial year, as it invested in new capacity and rolled out a new series of polymer banknotes.

The BoE’s annual report was published on June 14, showing total expenditure of £647 million ($858 million) set against an operating income of £785 million. Profit after tax was £129 million, and £65 million will be remitted to the Treasury, down from £101 million a year earlier.

The BoE said the main reasons for the additional expenditure were