Reform UK deputy leader challenges Bank of England governor over interest payments

Move could raise £35bn a year

Richard Tice, deputy leader of political party Reform UK, has written to Bank of England (BoE) governor Andrew Bailey to urge him to stop paying interest to lenders.

In his letter, Tice accused the central bank of "unnecessarily wasting tens of billions of pounds of taxpayers' money" and the "enriching of City institutions" ahead of the public. He also claimed that the money was "created out of thin air" by the Treasury and the BoE. Reform UK to accept crypto donations and establish Bitcoin reserve The governor explained the BoE's views on the matter in a letter to the Treasury Select Committee last week. He said: "Any presumed benefit to the public purse from reducing interest payments in this way would in that case be illusory as banks wou...