Overview

This bill proposes a change to the way the Governor of the Bank of England is appointed and dismissed. Currently, the appointment is solely by the Monarch. This bill requires the consent of the House of Commons Treasury Committee for both appointment and dismissal.

Description

The Bank of England (Appointment of Governor) Bill amends the Bank of England Act 1998. Specifically, it alters section 1, subsection 2, requiring the Monarch to obtain the consent of the House of Commons Treasury Committee before appointing the Governor of the Bank of England. The bill further ensures that the Committee's consent is also needed for the dismissal of the Governor. The bill also includes provisions to handle potential changes to the Committee's name or functions, stipulating that the Speaker of the House of Commons will resolve any ambiguity arising from such changes. The bill will come into effect immediately upon passage.

Government Spending

The bill is not expected to have a significant direct impact on government spending. The cost of the consultation process and any administrative changes related to the new approval process might be minimal.

Groups Affected

• The Monarch: Will require the consent of the Treasury Committee before appointing or dismissing the Governor.
• The House of Commons Treasury Committee: Gains significant influence over the appointment and dismissal of the Bank of England Governor.
• The Governor of the Bank of England: Appointment and dismissal become subject to parliamentary oversight.
• The Bank of England: Increased parliamentary scrutiny over the leadership.
• The UK Public: May see increased accountability and transparency in the appointment process of a key figure in the UK's financial system.

Powered by nyModel