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Between 1715 and 1998, the Bank of England managed Government Stocks (which formed the bulk of the national debt): the bank was responsible for issuing stocks to stockholders, paying dividends and maintaining a register of transfers; [26] however in 1998, following the decision to grant the bank operational independence, responsibility for ...
Because of its power, many believed the Bank of England should have more public duties and supervision. The Bank of England Act 1946 nationalised it. Its current constitution, and guarantees of a degree of operational independence from government, is found in the Bank of England Act 1998. Macmillan Committee (1929)
As the Bank of England is operationally independent of the Government of the United Kingdom, the PRA is a quasi-governmental regulator, rather than an arm of the government per se. [2] The PRA has its main offices at 20 Moorgate, near the Bank of England's central offices on Threadneedle Street. [8]
The number of independent banks shrank further during 2008: Northern Rock was nationalised by the UK Government (and is now owned by Virgin Money), followed by Bradford & Bingley; Alliance & Leicester was acquired by Santander, who merged it into Santander UK.
A group of 44 Tory MPs have criticised the Bank’s handling of inflation and quantitative tightening, saying it has cost taxpayers thousands.
In 1997 the Government transferred for monetary policy claiming this meant The Bank of England was now a truly fully independent central bank. [citation needed] The Debt Management Office United Kingdom was created in April 1998 as an executive agency of HM Treasury to take over responsibility for debt management. In April 2000 ...
The Bank of England exemplifies both these trends. It became independent of government through the Bank of England Act 1998 and adopted an inflation target of 2.5% RPI (now 2% of CPI). The debate rages on about whether monetary policy can smooth business cycles or not.
Announced on 6 May 1997, only five days after that year's General Election, and officially given operational responsibility for setting interest rates in the Bank of England Act 1998, the committee was designed to be independent of political interference and thus to add credibility to interest rate decisions.