The Bank of England will not be paying a dividend to the government this year, as its loss-absorbing capital dipped below the minimum level agreed with the UK Treasury.

The BoE did make a pre-tax profit of £72 million ($100 million) in the 2020–21 financial year, according to its annual report and accounts, published on June 17. However, it said its capital had dropped below the £3.5 billion set out in its framework agreement with the Treasury, meaning profits will be retained this year to