Bank of England Court Approves £66m Dividend, Discusses AI Impact

The Bank of England's Court of Directors met on 4 June 2026, approving the Annual Report and Accounts for 2025/26 and a £66 million payment in lieu of dividend. The meeting covered AI's impact on financial services and the broader economy, with Court noting rapid AI development. Sam Woods attended his last meeting as Deputy Governor for Prudential Regulation, receiving thanks for his service. The Monetary Policy Transformation Programme was discussed, with Rohan Churm appointed as Executive Director for Monetary Policy. Court approved a contract for the Location Strategy Programme and the Customer Payments Evolution (CuPE) Programme. The 2026/27 Bank of England Levy was declared with a 3% aggregate increase. The Bank's climate transition plan was approved, acknowledging temporary emissions exceedances due to Series H Notes Printing and the Location Strategy Project. The balance sheet transition was reported as proceeding as expected, with regular lending increasing and central bank reserves reducing. Court also reviewed Matters Reserved and noted committee appointments and conflicts. Bank Rate remained at 3.75% as of July 2026.