Bank of England

Lord Harrison Excerpts

Thursday 30th October 2014 Lords Chamber

Asked by

[Lord Harrison]

To ask Her Majesty’s Government whether they will rename the central bank of the United Kingdom, “The Bank of England and of the United Kingdom”.

[Lord Newby (LD)]

My Lords, having begun life in 1694 as a commercial bank, the Bank of England predates the formation of the United Kingdom itself. Of course, the Bank’s role is not limited to England and it acts as the central bank for the whole of the UK. However, to change its name would represent a break from over 300 years’ worth of history and the prestige which it carries as a global brand.

[Lord Harrison (Lab)]

My Lords, given the particular saliency of the currency issue in the recent Scottish referendum, would it not be a wise, inexpensive and inclusive act to extend the title of Britain’s central bank to the “Bank of England and of the United Kingdom”, thereby properly recognising the reach and relevance to all four nations of the United Kingdom of our own central bank?

[Lord Newby]

A notable feature of the referendum campaign was that Alex Salmond was desperately keen to keep the comfort blanket of the Bank of England. As far as I am aware, he never suggested that its name should change.