UK Inquiry Tracker

The Bank of England’s Real-Time Gross Settlement Renewal Programme

Public Accounts Committee Open Inquiry

Opened: 12 Dec 2025 Parliament page

The Bank of England (BoE) operates the Real-Time Gross Settlement system (RTGS) underpins UK payment systems including BACS and Visa. It enables high-value sterling payment transfers between financial institutions, processing around £750bn a day. As part of its response to developments such as the establishment of new banks, payment providers, … Read more The Bank of England (BoE) operates the Real-Time Gross Settlement system (RTGS) underpins UK payment systems including BACS and Visa. It enables high-value sterling payment transfers between financial institutions, processing around £750bn a day. As part of its response to developments such as the establishment of new banks, payment providers, and payment technologies, the BoE laid out in 2017 how it would be updating the service with the Real-Time Gross Settlement Renewal Programme (RTSRP). The RTGS is critical national infrastructure, and the Public Accounts Committee (PAC) has a longstanding interest in scrutinising resilience in key national systems, and will be exploring how the BoE will take lessons from the RTSRP as part of its broader modernisation ambitions. It first examined the operations of the BoE in 2019 as part of its inquiry into BoE central services , which found that the Bank lacked a clear vision of the significant changes needed to modernise its ways of working. The National Audit Office (NAO) in 2025 publishes its study on whether the Bank has managed the RTSRP effectively and efficiently. Proceeding from the NAO’s report, the PAC will take evidence from senior BoE figures on topics including the Bank’s vision and strategy in relation to the RTSRP, and its wider digital transformation plans. If you have evidence on these issues, please submit here by 23:59 on Monday 16 February 2026 . Please look at the requirements for written evidence submissions and note that the Committee cannot accept material as evidence that is published elsewhere. The Committee decides what information to publish and how. You can request anonymity or confidentiality when you send evidence, but it is for the Committee to say whether it will agree.It may treat submissions confidentially, even where you have not requested this. Please note that the Committee’s inquiry cannot assist with individual cases. If you need help with an individual problem you are having, you may wish to read the information on Parliament’s website about who you can contact with different issues. Show less

1 Report

1 Oral session

1 Letter

1 Event

Activity timeline 4 events

14 May
2026

Correspondence

Letter from the Chief Cashier and Senior Advisor to the Governors at the Bank of England relating to follow-up to the evidence session, 27 …

29 Apr
2026

Report published

78th Report - The Bank of England’s Real-Time Gross Settlement Renewal Programme

2 Mar
2026

Oral evidence

Oral evidence session

2 Mar
2026

Formal meeting (oral evidence session) · The Grimond Room, Portcullis House

Committee event

Oral evidence sessions 1 session

2 Mar 2026

View on parliament.uk

Dave Ramsden · Bank of England Nathan Monk · Bank of England Victoria Cleland · Bank of England

Reports 1 report · click to expand

Title	HC No.	Published	Items	Response
78th Report - The Bank of England’s Real-Time Gross Settlement …	HC 1732	29 Apr 2026	0	Pending

Correspondence 1 letter

14 May 2026 To committee Letter from the Chief Cashier and Senior Advisor to the Governors at the Bank of England relating to follow-up to the evidence session, 27 April 2026

Parliament page