Financial Services Bill — Clause 3 — Bank of England's Financial Policy Committee — To Have Regard To Government Policy and Objectives — 23 Apr 2012 at 22:12
Oliver Letwin MP, West Dorset voted against requiring the Bank of England's Financial Policy Committee to have regard to the government's economic policy and objectives for growth and employment when fulfilling its role contributing to UK financial stability.
The majority of MPs voted against requiring the Bank of England's Financial Policy Committee to have regard to the government's economic policy and objectives for growth and employment when fulfilling its role contributing to UK financial stability.
MPs were considering the Financial Services Bill. The amendment rejected in this vote was:
- Amendment proposed: 22, page 3, line 37, after ‘functions’, insert—
- ‘having regard to the economic policy of Her Majesty’s Government, including its objectives for growth and employment’.
Had it not been rejected this amendment would have taken effect on Clause 3 of the Bill and in particular an element titled Objectives of the Financial Policy Committee, a committee of the court of directors of the Bank of England which the Bill provided for. The section the amendment would have affected stated:
- The Financial Policy Committee is to exercise its functions with a view to contributing to the achievement by the Bank of the Financial Stability Objective.
The responsibility of the committee is described in the clause as being "the identification of, monitoring of, and taking of action to remove or reduce, systemic risks with a view to protecting and enhancing the resilience of the UK financial system."
-  Parliament's webpage on the Financial Services Bill (now an Act)
-  Clause 3 of the Financial Services Bill as at the time of the vote
Votes by party, red entries are votes against the majority for that party.
What are Boths? An MP can vote both aye and no in the same division. The boths page explains this.
What is Turnout? This is measured against the total membership of the party at the time of the vote.
|Party||Majority (No)||Minority (Aye)||Both||Turnout|
|Con||244 (+1 tell)||0||0||80.1%|
|Lab||0||205 (+2 tell)||0||80.5%|
|LDem||46 (+1 tell)||0||0||82.5%|