Andrew Jackson - Where Does Money Come From - Positive Money pdf from epub

the new banking shared service provider for the public sector. Contracts with the Royal Bank of Scotland (RBS) and Citibank have replaced the seven banking providers previously used by HMRC and NS&I. The banking services covered by the contracts include all transactions and account management functions, but the money itself remains with the Bank of England and therefore inside the Exchequer Pyramid (Figure A3). The new arrangements with the commercial banks also mean there is no need to re-tender for backoffice services, with public bodies being able to interact directly with the banks online.16