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Explanatory Notes
BANK OF ENGLAND AND FINANCIAL SERVICES BILL [HL] EXPLANATORY NOTES What these notes do These Explanatory Notes relate to the Bank of England and Financial Services Bill [HL] as brought from the House of Lords on 19 January 2016 (Bill 120). • These Explanatory Notes have been prepared by the Treasury in order to assist the reader of the Bill and to help inform debate on it. They do not form part of the Bill and have not been endorsed by Parliament. • These Explanatory Notes explain what each part of the Bill will mean in practice; provide background information on the development of policy; and provide additional information on how the Bill will affect existing legislation in this area. • These Explanatory Notes might best be read alongside the Bill. They are not, and are not intended to be, a comprehensive description of the Bill. So where a provision of the Bill does not seem to require any explanation or comment, the Notes simply say in relation to it that the provision is self‐explanatory. Bill 120–EN 56/1 Table of Contents Subject Page of these Notes Overview of the Bill 3 Policy background 4 Legal background 6 Territorial extent and application 7 Commentary on provisions of Bill 9 Part 1: The Bank of England 9 Clause 1: Membership of court of directors 9 Clause 2: Term of office of non‐executive directors 9 Clause 3: Abolition of Oversight Committee 9 Clause 4: Functions of non‐executive directors 9 Clause 5: Financial stability strategy 9 Clause 6: Financial Policy Committee: status and membership 10 Clause 7: Monetary Policy Committee: -
Fourteenth Report: Draft Statute Law Repeals Bill
The Law Commission and The Scottish Law Commission (LAW COM. No. 211) (SCOT. LAW COM. No. 140) STATUTE LAW REVISION: FOURTEENTH REPORT DRAFT STATUTE LAW (REPEALS) BILL Presented to Parliament by the Lord High Chancellor and the Lord Advocate by Command of Her Majesty April 1993 LONDON: HMSO E17.85 net Cm 2176 The Law Commission and the Scottish Law Commission were set up by the Law Commissions Act 1965 for the purpose of promoting the reform of the Law. The Law Commissioners are- The Honourable Mr. Justice Brooke, Chairman Mr Trevor M. Aldridge, Q.C. Mr Jack Beatson Mr Richard Buxton, Q.C. Professor Brenda Hoggett, Q.C. The Secretary of the Law Commission is Mr Michael Collon. Its offices are at Conquest House, 37-38 John Street, Theobalds Road, London WClN 2BQ. The Scottish Law Commissioners are- The Honourable Lord Davidson, Chairman .. Dr E.M. Clive Professor P.N. Love, C.B.E. Sheriff I.D.Macphail, Q.C. Mr W.A. Nimmo Smith, Q.C. The Secretary of the Scottish Law Commission is Mr K.F. Barclay. Its offices are at 140 Causewayside, Edinburgh EH9 1PR. .. 11 THE LAW COMMISSION AND THE SCOTTISH LAW COMMISSION STATUTE LAW REVISION: FOURTEENTH REPORT Draft Statute Law (Repeals) Bill To the Right Honourable the Lord Mackay of Clashfern, Lord High Chancellor of Great Britain, and the Right Honourable the Lord Rodger of Earlsferry, Q.C., Her Majesty's Advocate. In pursuance of section 3(l)(d) of the Law Commissions Act 1965, we have prepared the draft Bill which is Appendix 1 and recommend that effect be given to the proposals contained in it. -
27 May 2015 1 the QUEEN's SPEECH 2015 Press
THE QUEEN’S SPEECH 2015 Press Office Prime Minister’s Office 10 Downing Street London SW1A 2AA 27 May 2015 1 THE QUEEN’S SPEECH 2015 – CONTENTS Introduction by the Prime Minister Pages 5-6 Queen’s Speech Pages 7-9 Background Briefs UK Economy and Fiscal Pages 10-12 Full Employment and Welfare Benefits Bill Pages 13-17 Enterprise Bill Pages 18-20 Personal Tax Allowance Pages 21-22 Tax lock commitment – National Insurance Contributions Bill/Finance Bill Pages 23-24 Childcare Bill Pages 25-26 Housing Bill Pages 27-29 Energy Bill Pages 30-33 Energy Security Pages 34-35 Immigration Bill Pages 36-37 Trade Unions Bill Pages 38-39 Education and Adoption Bill Pages 40-42 Health and Social Care Pages 43 27 May 2015 2 State Pension Pages 44 Cities and Local Government Devolution Bill Pages 45-47 HS2 Bill Pages 48-49 Scotland Bill Pages 50-52 Wales Bill Pages 53-54 Northern Ireland Bill Pages 55-57 Devolved Administrations Pages 58 English Votes for English Laws Pages 59 European Union Referendum Bill Pages 60-61 Extremism Bill Pages 62-63 Investigatory Powers Bill Pages 64-65 Policing and Criminal Justice Bill Pages 66-71 Psychoactive Substances Bill Pages 72-74 Proposals for a Bill of Rights Pages 75 Supply Pages 76 Iraq Pages 77 Terrorism in the Middle East 27 May 2015 3 Pages 78-79 Ukraine/Russia Page 80 Syria Pages 81-82 Paris Conference Pages 83-84 Strategic Defence and Security Review Pages 85-86 Armed Forces Bill Pages 87-88 Bank of England Bill Pages 89-90 Charities (Protection and Social Investment) Bill Pages 91-93 Victims of Crime Pages 94-95 Votes for Life Bill Pages 96-97 European Union (Finance) Bill Pages 98-99 Buses Bill Pages 100-101 Draft Public Service Ombudsman Bill Pages 102-103 27 May 2015 4 An Introduction by the Prime Minister When we came to office in 2010, Britain was on the brink. -
Written Constitution for the UK
Contents Page Mapping the Path towards Codifying - or Not Codifying - the UK Constitution ROBERT BLACKBURN, PhD, LLD, Solicitor Professor of Constitutional Law Centre for Political and Constitutional Studies King's College London PROGRAMME OF RESEARCH Aims This programme of research has been prepared at the formal request1 of the House of Commons Political and Constitutional Reform Committee chaired by Graham Allen MP to assist its inquiry, and the policy debate generally, on the proposal to codify - or not - the UK constitution. The work been prepared in an impartial way, adopting a pragmatic approach to the issues involved, and does not seek to advocate either codification or non-codification. Its purpose is to inform the inquiry of the issues involved and, in the event that a government in the future might wish to implement such a proposal, it seeks to provide a starting point and set of papers to help facilitate the complex and sensitive issues of substance and process that would be involved. Structure of the Research The content starts (Part I) by identifying, and giving a succinct account of, the arguments for and against a written constitution, prepared in rhetorical manner. It then (Part II) sets out a series of three illustrative blueprints, prepared in the belief that a consideration of detailed alternative models on how a codified constitution might be designed and drafted will better inform and advance the debate on the desirability or not of writing down the constitution into one documentary source. These are - (1) Constitutional Code - a document sanctioned by Parliament but without statutory authority, setting out the essential existing elements and principles of the constitution and workings of government. -
———————— Number 28 of 2007 ———————— STATUTE LAW REVISION ACT 2007 ———————— ARRAN
Click here for Explanatory Memorandum ———————— Number 28 of 2007 ———————— STATUTE LAW REVISION ACT 2007 ———————— ARRANGEMENT OF SECTIONS Section 1. Definitions. 2. General statute law revision repeal and saver. 3. Specific repeals. 4. Assignment of short titles. 5. Amendment of Short Titles Act 1896. 6. Amendment of Short Titles Act 1962. 7. Miscellaneous amendments to post-1800 short titles. 8. Evidence of certain early statutes, etc. 9. Savings. 10. Short title and collective citation. SCHEDULE 1 Statutes retained PART 1 Pre-Union Irish Statutes 1169 to 1800 PART 2 Statutes of England 1066 to 1706 PART 3 Statutes of Great Britain 1707 to 1800 PART 4 Statutes of the United Kingdom of Great Britain and Ireland 1801 to 1922 1 [No. 28.]Statute Law Revision Act 2007. [2007.] SCHEDULE 2 Statutes Specifically Repealed PART 1 Pre-Union Irish Statutes 1169 to 1800 PART 2 Statutes of England 1066 to 1706 PART 3 Statutes of Great Britain 1707 to 1800 PART 4 Statutes of the United Kingdom of Great Britain and Ireland 1801 to 1922 ———————— 2 [2007.]Statute Law Revision Act 2007. [No. 28.] Acts Referred to Bill of Rights 1688 1 Will. & Mary, sess. 2, c. 2 Documentary Evidence Act 1868 31 & 32 Vict., c. 37 Documentary Evidence Act 1882 45 & 46 Vict., c. 9 Dower Act 1297 25 Edw. 1, Magna Carta, c. 7 Drainage and Improvement of Lands Supplemental Act (Ireland) (No. 2) 1867 31 & 32 Vict., c. 3 Dublin Hospitals Regulation Act 1856 19 & 20 Vict., c. 110 Evidence Act 1845 8 & 9 Vict., c. 113 Forfeiture Act 1639 15 Chas. -
Clarendon Law Series
Clarendon law SerieS Edited by PaUl CRAIG Clarendon law SerieS The Anthropology of Law Philosophy of Private Law FERNANDA PIRIE WILLIAM LUCY Law and Gender Law in Modern Society JOANNE CONAGHAN DENIS GALLIGAN The Conflict of Laws (3rd edition) An Introduction to Tort Law ADRIAN BRIGGS (2nd edition) TONY WEIR The Concept of Law (3rd edition) H.L.A. HART Equity (2nd edition) With a Postscript edited by Penelope SARAH WORTHINGTON A. Bulloch and Joseph Raz Atiyah’s Introduction to the Law of With an Introduction and Notes by Contract (6th edition) Leslie Green STEPHEN A. SMITH, P.S. ATIYAH Land Law (2nd edition) Unjust Enrichment (2nd edition) ELIZABETH COOKE PETER BIRKS Administrative Law (5th edition) An Introduction to Family Law PETER CANE (2nd edition) Discrimination Law (2nd edition) GILLIAN DOUGLAS SANDRA FREDMAN Criminal Justice An Introduction to the Law of Trusts LUCIA ZEDNER (3rd edition) Contract Theory SIMON GARDNER STEPHEN A. SMITH Natural Law and Natural Rights Public Law (2nd edition) ADAM TOMKINS JOHN FINNIS Personal Property Law (3rd edition) Introduction to Company Law MICHAEL BRIDGE (2nd edition) PAUL DAVIES Law of Property (3rd edition) F.H. LAWSON AND Employment Law (2nd edition) BERNARD RUDDEN HUGH COLLINS An Introduction to Constitutional Law International Law ERIC BARENDT VAUGHAN LOWE Resulting Trusts Civil Liberties ROBERT CHAMBERS CONOR GEARTY Legal Reasoning and Legal Theory Intellectual Property NEIL MACCORMICK MICHAEL SPENCE Labour Legislation and Public Policy Policies and Perceptions of Insurance Law A Contemporary History in the Twenty-First Century (2nd edition) PAUL DAVIES AND MALCOLM CLARKE MARK FREEDLAND PerSonal ProPerty law FoUrth edition MiCHAEL BRIDGe FBa Bencher of the Middle Temple, Cassel Professor of Commercial Law, London School of Economics, and Professor of Law National University of Singapore Great Clarendon Street, Oxford, OX2 6DP, United Kingdom Oxford University Press is a department of the University of Oxford. -
Statute Law Revision; Fourth Report
The Law Commission and The Scottish Law Commission (LAW COM. No. 49) (SCOT. LAW COM. No. 26) STATUTE LAW REVISION: FOURTH REPORT DRAFT STATUTE LAW (REPEALS) BILL Presented to Parliament by the Lord High Chancellor, the Secretary of State for Scotland and the Lord Advocate by Command of Her Majesty September 1912 LONDON HER MAJESTY'S STATIONERYOFFICE 42p net Cmnd. 5108 The Law Commission was set up by section 1 of the Law Commis- sions Act 1965 for the purpose of promoting the reform of the law other than the law of Scotland or of any law of Northern Ireland which the Parliament of Northern Iretand has power to amend. The Com- missioners are- The Honourable Mr Justice Scarman, O.B.E., Chairman. Mr. Claud Bicknell, O.B.E. Mr. Aubrey L. Diamond. Mr. Derek Hodgson, Q.C. Mr. N. S-Marsh, Q.C. The Secretary of the Commission is Mr. J. M. Cartwright Sharp and its offices are at Conquest House, 37-38 John Street, Theobald's Road, London, WClN 2BQ. The Scottish Law Commission was set up by section 2 of the Law Commissions Act 1965 for the purpose of promoting the reform of the law of Scotland. The Commissioners are- The Honourable Lord Hunter, Chairman. I Professor A. E. Anton. I Professor J. M. Halliday, C.B.E. Professor T. B. Smith, Q.C. I Mr. Ewan Stewart, M.C., Q.C. I The Secretary of the Commission is Mr. J. B. Man and its offices are at the Old College, University of Edinburgh, South Bridge, Edin- burgh, EH8 9BD. -
Thirteenth Report: Draft Statute Law Repeals Bill
The Law Commission and The Scottish Law Commission (LAW COM. No. 179) (SCOT. LAW COM. No. 117) STATUTE LAW REVISION: THIRTEENTH REPORT . 8 1 ! DRAFT STATUTE LAW (REPEALS) BILL Presented to Parliament by the Lord High Chancellor and the Lord Advocate by Command of Her Majesty May I989 LONDON HER MAJESTY'S STATIONERY OFFICE - -. E10.40 net Cm. 671 The Law Commission and the Scottish Law Commission were set up by the Law CommissionsAct 1965 for the purpose of promoting the reform of the law. The Law Commissioners are- The Honourable Mr. Justice Beldam, Chairman Mr Trevor M. Aldridge Mr Richard Buxton, Q.C. Professor Brenda Hoggett, Q.C. The Secretary of the Law Commission is Mr. Michael Collon. Its offices are at Conquest House, 37-38 John Street, Theobalds Road, London, WClN 2BQ. The Scottish Law Commissioners are- The Honourable Lord Davidson, Chairman Dr E. M. Clive Professor P. N. Love, C.B.E. Sheriff C. G. B. Nicholson, Q.C. Mr W. A. Nimmo Smith, Q.C. The Secretary of the Scottish Law Commissionis Mr K. F. Barclay. Its offices are at 140 Causewayside, Edinburgh EH9 1PR. , : I -: + .. -- 11 THE LAW COMMISSION AND THE SCOTTISH LAW COMMISSION Statute Law Revision: Thirteenth Report Draft Statute Law (Repeals) Bill To the Right Honourable the Lord Mackay of Clashfern, Lord High Chancellor of Great Britain, and the Right Honourable the Lord Fraser of Carmyllie, Q.C., Her Majesty’s Advocate. In pursuance of section 3(l)(d) of the Law CommissionsAct 1965, we have prepared the draft Bill which is Appendix 1 and recommend that effect be given to the proposals contained in it. -
National Debt Act 1870
Changes to legislation: There are currently no known outstanding effects for the National Debt Act 1870. (See end of Document for details) National Debt Act 1870 1870 CHAPTER 71 33 and 34 Vict An Act for consolidating, with Amendments, certain Enactments relating to the National Debt. [9th August 1870] Modifications etc. (not altering text) C1 Act extended by National Debt (Conversion) Act 1888 (c. 2), s. 2(5); Tithe Act 1936 (c. 43), s. 24(7); Bank of England Act 1946 (c. 27), Sch. 1 para. 11; Coal Industry Nationalisation Act 1946 (c. 59), s. 33(7) and National Loans Act 1968 (c. 13), s. 16(4) C2 Power to extend Act with modifications conferred by National Debt Act 1972 (c. 65), s. 3(2) C3 Preamble omitted under authority of Statute Law Revision (No. 2) Act 1893 (c. 54) PART I Preliminary 1 Short title. This Act may be cited as “The National Debt Act 1870.” 2 . F1 Textual Amendments F1 Ss. 2, 4 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III 3 Interpretation of terms. In this Act— F2. 2 National Debt Act 1870 (c. 71) Part I – Document Generated: 2021-05-14 Changes to legislation: There are currently no known outstanding effects for the National Debt Act 1870. (See end of Document for details) “Stock” means the several capital or joint stocks of perpetual annuities described in the first schedule to this Act, and includes any share or interest therein respectively: [F3“Stockholder” means a person holding stock, being entered as such in— (a) [F4a register kept by the Registrar of Government Stock in accordance with regulations under section 47 of the Finance Act 1942 (see regulation 7 of the Government Stock Regulations 2004); or] (b) a register kept by the Operator of a relevant system under the Uncertificated Securities Regulations 2001 (and “Operator” and “relevant system” shall have the same meanings as they have in those Regulations):] “Warrant” includes draft, order, cheque, or other document used as a medium for payment of dividends: F2. -
Bank of England Bill Bill 62 of 1997/98 Research Paper 97/115
Bank of England Bill Bill 62 of 1997/98 Research Paper 97/115 10 November 1997 The Bill stems from Gordon Brown's announcement five days after Labour's General Election victory on 1 May 1997 that responsibility for monetary policy would be transferred from the Treasury to the Bank of England; and from his announcement a fortnight later that the Bank of England's responsibility for banking supervision would be transferred to a new Financial Services Authority. The Bill receives its Second Reading in the Commons on 11 November 1997. Christopher Blair Timothy Edmonds Business & Transport Section Economic Policy & Statistics Section House of Commons Library Library Research Papers are compiled for the benefit of Members of Parliament and their personal staff. Authors are available to discuss the contents of these papers with Members and their staff but cannot advise members of the general public. CONTENTS ISummary 5 II Introduction 6 A. Historical background 6 B. Election commitments 11 III The Bill, Part I: Constitution, Regulation and Financial Arrangements 14 A. Court of Directors 14 B. Finance and control 16 IV The Bill, Part II: Monetary Policy 17 A. Policy announcement 17 B. An Independent Central Bank: Economic Arguments (TE) 22 C. How independent will the Bank be? (TE) 26 D. Notes on Clauses: Part II Monetary Policy 29 E. Accountability 37 V The Bill, Part III: Transfer of Supervisory Functions 39 A. Background 39 B. Plans for reform 39 C. The Financial Services Authority 47 D. Part III: Notes on Clauses 49 VI The Bill, Part IV: Miscellaneous and General 50 A. -
Accountability of the Bank of England
House of Commons Treasury Committee Accountability of the Bank of England Twenty-first Report of Session 2010–12 Volume I: Report, together with formal minutes, oral and written evidence Additional written evidence is contained in Volume II, available on the Committee website at www.parliament.uk/treascom Ordered by the House of Commons to be printed 19 October 2011 HC 874 Published on 8 November 2011 by authority of the House of Commons London: The Stationery Office Limited £22.00 The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue and Customs and associated public bodies. Current membership Mr Andrew Tyrie MP (Conservative, Chichester) (Chairman) Tom Blenkinsop MP (Labour, Middlesbrough South and East Cleveland) John Cryer MP (Labour, Leyton and Wanstead) Michael Fallon MP (Conservative, Sevenoaks) Mark Garnier MP (Conservative, Wyre Forest) Stewart Hosie MP (Scottish National Party, Dundee East) Andrea Leadsom MP (Conservative, South Northamptonshire) Mr Andy Love MP (Labour, Edmonton) John Mann MP (Labour, Bassetlaw) Mr George Mudie MP (Labour, Leeds East) Jesse Norman MP (Conservative, Hereford and South Herefordshire) David Ruffley MP, (Conservative, Bury St Edmunds) John Thurso MP (Liberal Democrat, Caithness, Sutherland, and Easter Ross) Mr Chuka Umunna MP (Labour, Streatham) was also a member of the Committee during the inquiry. Powers The committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No 152. These are available on the Internet via www.parliament.uk. Publication The Reports and evidence of the Committee are published by The Stationery Office by Order of the House. -
Bank of England Annual Report 2000 Contents
Bank of England Annual Report 2000 Contents 2 Governor’s Foreword 6 The Court of Directors 8 Governance and Accountability 10 Organisation Overview 12 The Executive and Senior Management 14 The Bank’s Core Purposes 15 Review of Performance against Objectives and Strategy 28 Monetary Policy Committee Processes 35 Objectives and Strategy for 2000/01 36 Financial Framework for 2000/01 40 Personnel, Community Activities and Technical Assistance 45 Remuneration of Governors, Directors and MPC Members 50 Report from Members of Court 56 Report by the Non-Executive Directors 58 Report of the Auditors 60 The Bank’s Financial Statements 60 Banking Department Profit and Loss Account 61 Banking Department Balance Sheet 62 Banking Department Cash Flow Statement 63 Notes to the Banking Department Financial Statements 85 Issue Department Statements of Account 86 Notes to the Issue Department Statements of Account 88 Addresses and Telephone Numbers Governor’s Foreword After two years of extraordinarily rapid change at the Bank following the granting of operational independence in 1997, the last year has provided us with a very welcome period during which we have been able to bed in the new arrangements for our twin roles of overseeing monetary and financial stability. But some of the practical policy problems with which we have had to grapple have been no less difficult than before. Indeed, one of those problems – the imbalance within the UK economy between domestically oriented businesses and sectors and those that are internationally exposed – is sadly familiar and has, if anything, become more difficult to resolve. The recent economic performance of the UK has improved since last autumn, by 1% to 6%, partially reversing the markedly since inflation targeting was adopted seven years cuts we made a year earlier in response to the global ago.