Press releases

Government to block Private Members Bill giving Parliament a say in Appointment of new BoE Governor

4th July 2012

The Government’s frontbench as decided to block the Private Member’s Bill, promoted by John McDonnell MP, which would give Parliament a say over the appointment of the next Governor of the Bank of England.

The Government will seek to have ministers and some backbench Conservative MPs filibuster and talk out the Bill on Friday (6 July) so that it does not reach the next stage in the parliamentary process, effectively killing the Bill off.

John McDonnell MP, LRC Chair, said:

“Given what has happened over the last week and the revelations over the behaviour of the banks I am extremely disappointed that the Government is using this device to block this reform. The new Governor will play a central role in cleaning up our banking system after the various inquiries into our banks report. If the new Governor is to demonstrably have the independence and credibility to perform this critical task, the appointment of the new Governor cannot be left solely in the hands of the Chancellor.

“The Private Members Bill is sponsored by Andrew Tyrie MP, the Conservative Chair of the Treasury Select Committee, George Mudie MP, its Labour Vice Chair, and a cross Party group of MPs. This includes Mark Field, the MP for the City of London, and Graham Brady MP, the Chair of the Conservative backbench 1922 Committee. It couldn’t be more of a cross party initiative and so I am extremely disappointed at the Government’s intransigence and behaviour on this issue.”

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LRC members are urged to lobby their MPs to attend the debate on Friday to support the Bill. If your not sure who your MP is or their email address go to the House of Commons website.