Bank of England (Appointment of Governor) Bill

Debate between John McDonnell and Karen Bradley

Friday 6th July 2012 Commons Chamber

[John McDonnell]

This is one of the few opportunities when the House has the opportunity to initiate legislation. I take what my right hon. Friend says as a caution that we should take that initiation role seriously. We should take all our activities seriously, but Back Benchers should be especially serious when the onus falls on them to make a change in the nature of our governance.

[Karen Bradley (Staffordshire Moorlands) (Con)]

If the hon. Gentleman does not mind, I should like to make a public service announcement. The Procedure Committee is holding an inquiry into private Members’ Bills, and would welcome all comments from hon. Members in the Chamber.

[John McDonnell]

That is a really useful advert—it might be one of the most constructive things said this morning.

I shall be as brief as I possibly can. The message contained in the Bill is that the appointment of the new, powerful post of Governor of the Bank of England should not be left solely to the Executive, and that Parliament, on behalf of the people, should also play a decisive role. The appointment is too important to be left in the hands of a single Minister.