Seigniorage Revenues in the United Kingdom

John Thornton

Economia Internazionale / International Economics, 2024, vol. 77, issue 4, 483-494

Abstract: Alternative seigniorage estimates for the UK for the period 1950-2021 show that these revenues have been generally very small in relation to total tax receipts and with respect to similar recent estimates for the USA. The introduction of interest payments on banks’ reserve balances in May 2006 and Quantitative Easing from 2009 sharply reduced opportunity cost seignorage revenues, but boosted, probably temporarily, revenues from monetary seignorage. Ricavi derivati dal signoraggio nel Regno Unito Stime del signoraggio per il Regno Unito, relative al periodo 1950-2021, mostrano che i ricavi sono stati generalmente molto contenuti in relazione al gettito totale e se confrontati con stime analoghe relative agli USA. L’introduzione del pagamento di interessi sulle riserve bancarie del maggio 2006 e il quantitative easing del 2009 hanno notevolmente ridotto il ricavo da signoraggio ma hanno incrementato, forse solo temporaneamente, i ricavi derivati dal signoraggio stesso.

Keywords: Seigniorage; Bank of England; UK Treasury; Interest on Reserves (search for similar items in EconPapers)
JEL-codes: E58 E62 H22 (search for similar items in EconPapers)
Date: 2024
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