21 MAY 1988, Page 22

Pots of honey

MY favourite nationalised industry has done it again. It has brought in a profit of £1,391 million — up £29 million on the previous years' figure, which was itself a record. This is the banknote business. Its results can be found in the Bank of England's accounts, under 'Issue Depart- ment'. To print a note which carries no interest, issue it to the banks, debit their accounts at the Bank of England, and use the proceeds to earn interest is the sort of business we should all have, but even so the profit is imposing. It goes to the Treasury, which, without it, would have to put another penny on income tax. I think the Issue Department has earned its own coat of arms, with the motto sic vos non vobis mellificatis, apes.