5.1 The Bank of England agrees with the Committee’s recommendation. Target implementation date: December 2021 5.2 The Bank of England needs to hold sizable stocks of printed notes, ready to be issued, to ensure there are sufficient banknotes available to meet public demand, which can change suddenly and by large amounts. For example, demand for banknotes increased by 10% (£7.5 billion) in 2020 relative to the peak in 2019. Having insufficient notes to meet demand would risk significantly undermining the public trust in the currency. 5.3 The Bank of England has a robust process in place for making decisions about how many notes to print and believes its stock levels are appropriate. Decisions regarding stock levels do, however, involve judgement. The range of considerations includes forecasts of the demand for banknotes, the impact of events such as note launches, and the need to ensure value for money by having efficient print runs and making the best use of the Debden site’s print capacity. It is important that how these factors are balanced is clearly documented. Therefore, as recommended by the Committee, the Bank of England will review its documentation around stock decisions and contingency requirements and ensure that it clearly records the main factors contributing to final decisions on print volumes and stocks.