Banknotes imagery advisory group minutes - 5 August 2025
Meeting held 5 August 2025
The problem with vet bills – a dog-owning economist explains
Kamil Macniak/ShutterstockWhen my dog Buddy ate a tub of chewing gum – around 60 pieces – we rushed him to the vet, where he stayed overnight. Thankfully he was fine. The same could not be said for our wallets.
Strait of Hormuz: why even neutral and distant countries like Switzerland can’t escape the fallout
Glaciers in the Swiss alps are experiencing rapid melt due to climate change. Manuel Wild/ShutterstockThere is often a perception that geographical distance reduces vulnerability – an idea that can be particularly appealing in neutral countries with long-standing stable and strong economies.
How Iran cryptocurrency demands explain a key role of money throughout history
When Iran began demanding payment in exchange for safe transit through the Strait of Hormuz, it offered the option to pay in cryptocurrency. Likewise, the shadowy network of tankers that have smuggled Russian oil to world markets since the full-scale invasion of Ukraine in 2022 have often been paid this way.
Artificial Intelligence Consortium minutes – February 2026
The Artificial Intelligence Consortium (AIC) aims to provide a platform for public-private engagement to further dialogue on the capabilities, development, deployment, use, and potential risks of artificial intelligence (AI) in UK financial services.
Bank to non-bank lending and the reallocation of credit
We analyze how bank lending to non-bank financial institutions (NBFIs) affects credit supply to the real economy. Using granular supervisory and loan-level data, we document rapid growth in bank lending to NBFIs relative to lending to non-financial firms. This growth is driven primarily by reverse repos to NBFIs that invest in securities, e.g., investment funds, rather than by loans to NBFIs that extend credit to firms, e.g., private credit funds.
Why women in groups face a ‘collaboration penalty’ that solo female stars like Taylor Swift and Coco Gauff escape
Whether in sports, music or business, all-women teams earn less. Minnesota Lynx guard Renee Montgomery drives between Indiana Fever guards Layshia Clarendon, left, and Shenise Johnson at a WNBA game in Minneapolis.
Industries most exposed to AI are not only seeing productivity gains but jobs and wage growth too
Financial analysis is an industry that is seeing job growth even as AI is increasingly used.
Quantile selection in the gender pay gap
We propose a new approach to estimate selection-corrected quantiles of the gender wage gap. Our method employs instrumental variables that explain variation in the latent variable but, conditional on the latent process, do not directly affect selection. We provide semiparametric identification of the quantile parameters without imposing parametric restrictions on the selection probability, derive the asymptotic distribution of the proposed estimator based on constrained selection probability weighting, and demonstrate how the approach applies to the Roy model of labor supply.
FXJSC Combined Operations and Legal Sub-Committee Meeting
The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Operations and Legal Sub-Committees. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators.
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