Bank of England Court approves monetary policy transformation programme business case and confirms senior appointments

The Bank of England published the minutes of its Court of Directors meeting of 9 December 2025, recording decisions to approve the Business Case for the Monetary Policy Transformation (MPT) Programme and a set of resourcing, governance and transparency actions, alongside updates on major operational programmes including RTGS renewal and payments infrastructure. Court received a National Audit Office review of the RTGS Renewal Programme, which concluded the Bank had implemented a new and modernised RTGS and managed the programme with value for money, citing early requirements definition, leadership, transparency and an effective partnership with Accenture. Governance and senior staffing decisions included approving Anne Glover as Senior Independent Director, approving the role re-evaluation and appointment and remuneration of Clair Mills as Executive Director Banking and Payments Operations, and approving the appointment and remuneration of Jonathan Rand as Executive Director for Risk. Court also closed the financial year 2026/27 business planning round to allow budget sign-offs to progress, approved the Governor’s objectives for 2026 and changed the FMI Committee Terms of Reference to reflect a move to biennial risk reviews of financial market infrastructures. On payments, Court was updated on priorities for future UK retail payments infrastructure and on the establishment of the Retail Payments Infrastructure Board chaired by the Bank, with delivery intended to be driven by a new industry-owned Delivery Company chaired by the chair designate Vim Maru. Court also approved publication of de-redactions of Court minutes from 2023 to be released alongside the December Court minutes in February 2026.