Overview

This bill proposes a minor amendment to the Bank of England Act 1998, altering the wording of the Bank's monetary policy objectives. The precise change involves removing the phrase "subject to that" from a section detailing these objectives. The amendment's overall impact on monetary policy remains unclear without further context or supporting documentation.

Description

The Bank of England (Amendment) Bill seeks to modify the Bank of England Act 1998. Specifically, it targets section 11(b), which outlines the Bank's objectives regarding monetary policy. The bill's core action is the removal of the phrase "subject to that" from this section. This seemingly small alteration potentially clarifies or adjusts the existing framework governing the Bank's actions in managing inflation and maintaining monetary stability. The exact implication of this change is not explicitly defined within the presented bill text. The bill also contains standard clauses for commencement (effective date determined by the Treasury), extent (applies to Northern Ireland), and a short title.

Government Spending

The bill itself does not directly specify any changes to government spending. The amendment affects the Bank of England's operational framework, but the financial consequences for the government are not detailed in the provided text. Further information is needed to assess any potential fiscal impact.

Groups Affected

The primary group affected is the Bank of England, whose operational framework for monetary policy will be subtly altered by this amendment. The broader implications for businesses, consumers, and the UK economy depend on the interpretation and application of the removed phrase, which is not explained in the provided text. Further details would be needed to precisely identify and quantify the impact on any specific group.

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