Bank of England and Financial Services Bill — Second Reading — 1 Feb 2016 at 19:02
Patrick McLoughlin MP, Derbyshire Dales voted in favour of changes to governance arrangements for the Bank of England; for changes to the bank's regulatory role; and in favour of restricting authorisations to issue Scottish and Northern Irish banknotes.
The majority of MPs voted in favour of changes to governance arrangements for the Bank of England; for changes to the bank's regulatory role; and in favour of restricting authorisations to issue Scottish and Northern Irish banknotes.
The Bank of England and Financial Services Bill:
- Makes the Bank of England Deputy Governor for markets and banking a member of the court of directors of the Bank and a member of the interest rate setting Monetary Policy Committee.
- Gives the Government the power to make changes to the governance structure of the Bank of England via secondary legislation.
- Requires the minutes of the Monetary Policy Committee be published "as soon as reasonably practicable" following the meeting", with a delay permitted in cases where proceedings led to decision to intervene in the financial markets.
- Changes the required meeting frequency of the Monetary Policy Committee from "at least once a month" to at least eight times a year, and at least once in any 10 week period.
- Makes the Bank of England the Prudential Regulation Authority
- Restricts the authorisation to issue Scottish and Northern Irish banknotes to existing issuers, or other related banks.
- Changes the circumstances in which senior managers at financial institutions can be considered guilty of misconduct in relation to regulatory breaches in their area of responsibility.
MPs were considering the Bank of England and Financial Services Bill.
The question being considered was:
- That the Bill be now read a Second time.
The passing of this motion enabled the Bill to continue on its path to becoming law.
-  Parliament's webpage on the Bank of England and Financial Services Bill
-  Explanatory notes accompanying the Bank of England and Financial Services Bill
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 (Aye)||Minority (No)||Both||Turnout|
|Con||292 (+2 tell)||0||0||89.1%|
|Lab||0||196 (+2 tell)||0||85.3%|