Recommendation 14

Coins are produced for the whole of the UK by The Royal Mint (the Mint) under a contract with the Treasury, which also acts as the Mint’s sole shareholder. The Bank of England (the Bank) is responsible for producing notes for use throughout the UK, and it sub-contracts the printing of notes to De La Rue plc. The Treasury, the Mint and the Bank work to ensure that there is a sufficient quantity of cash to meet the needs of the economy, and to maintain the public’s confidence in its use. In 2019–20, the Treasury incurred UK coin production expenses of £23.6 million, and the Bank incurred note production and distribution expenses of £119 million.39 Demand for notes