Select committee: Public Accounts Committee
Conclusion 23
78th Report - The Bank of England’s Real-Time Gross Settlement Renewal Programme
Published 29 Apr 2026
Addressed to HM Treasury
Public Accounts Committee The Bank of England’s Real-Time Gross Settlement Renewal Programme All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Conclusion (the committee's words)
The Bank explained how programme culture “started from the very top” with senior leaders modelling the behaviours they expected from the programme team.49 For example, despite not having a direct operational role, leaders attended weekend dress rehearsals ahead of the new system’s launch, which it felt helped reinforce a shared sense of ownership for the new system. It told us how leaders made efforts to include staff based in different locations; for example, regularly visiting part of the Accenture team based in Newcastle, and convening all-staff town halls and large online planning meetings. The Bank added that it celebrated the achievement of key milestones to sustain morale and reinforce a shared sense of progress.50 44 Q 19 45 Qq 17-21; C&AG’s Report, para 2.5 46 Qq 21, 25-26 and 29 47 Q 25; C&AG’s Report, para 2.15 48 Qq 25 and 29 49 Q 24 50 Qq 24-26 14
From: Public Accounts Committee, 78th Report - The Bank of England’s Real-Time Gross Settlement Renewal Programme (HC 1732), 29 April 2026
Government response
The government responded to the whole report on 4 August 2026 (deadline 29 June 2026).