Bank of England Court Meeting Minutes from October 2025 Detail Strategic Updates and Approvals

The Court of Directors of the Bank of England convened on 28 October 2025, with Chair David Roberts presiding and Governor Andrew Bailey providing updates. Key discussions included workforce planning, financial forecasts showing an expected underspend for 2025/26 to support transformation programs, and approval of a revised budget for the Finance Modernisation Project. The Bank announced a consultation on stablecoins regulation starting 10 November and reported on public feedback regarding new banknote designs. The Audit and Risk Committee highlighted increased cyber threats from state actors and reviewed a new cybersecurity dashboard. Directors approved a Mutually Agreed Resignation Scheme for cost savings and discussed recruitment targets, including a goal of 500 staff in Leeds with a requirement for 50% of external hires to be based there. The Location Strategy Project was presented as a generational opportunity to improve premises, with cost savings from exiting Moorgate creating positive net value. The Banknote Innovation Program received approval, focusing on printing contracts, design, and facility adaptations at Debden. Court also reviewed the Monetary Policy Committee's effectiveness and approved various policies, including updated conflict of interest codes.