Bank of England Scraps Plans to Ditch Form BN Reporting

The Bank of England has decided to pause its plan to discontinue Form BN reporting requirements after reviewing feedback from stakeholders. The decision reflects the ongoing importance of Form BN data in supporting UK National Accounts statistics produced by the Office for National Statistics.

During a recent consultation, the Bank gained a better understanding of how the Office for National Statistics relies on statistics derived from Form BN when producing the UK National Accounts. Unfortunately, it was found that replicating these statistics from other sources is not currently feasible due to practical challenges.

In light of this assessment, the Bank has decided to pause any further work on discontinuing Form BN for now. Firms that are required to report Form BN must continue submitting the form under existing requirements until they are notified otherwise.