Bank Of England And Devolved Administrations (No. 2)

EDM number 1019 in 2013-14, proposed by Jonathan Edwards on 29/01/2014.
Categorised under the topics of Devolution, Financial institutions and Economic policy.

That this House notes that the Bank of England is responsible for monetary policy in Wales, Scotland, Northern Ireland, England, the Isle of Man and the Channel Islands; further notes that there are currently differing degrees of fiscal independence already in each of the nations of the sterling currency zone; believes that monetary policy should operate in the interests of all component nations of the UK; calls for greater accountability arrangements with the devolved legislatures and governments; further notes that the Monetary Policy Committee of the Central Bank is responsible for independently determining monetary policy; further notes that the Committee is made up of nine members - the Governor of the Central Bank, the two Deputy Governors, the Bank's Chief Economist, the Executive Director for Markets and four external members appointed directly by the Chancellor; believes in the spirit of a partnership of equals within the currency zone that the devolved parliaments in future should each appoint an external member following the end of term of the current members; and further believes the Bank of England should be renamed the Sterling Central Bank to reflect political reality.

This motion has been signed by a total of 17 MPs.