Bank of England

Lord Peston Excerpts

Thursday 30th October 2014 Lords Chamber

[Lord Newby]

Quite, my Lords. The Financial Services Act gave the Bank of England new powers in this area. It is conducting an investigation to see what happened in that unfortunate case and what lessons can be learned for the future.

[Lord Peston (Lab)]

I congratulate my noble friend for raising this Question, but I am sorry to say that I disagree with him. Changing the name of the Bank of England would be economically very damaging to our country. Is the Minister aware that there is a lesson to be drawn from this? It is mainly that making constitutional changes on the hoof is not the right way to do this sort of thing. The next time he sees his right honourable friend the Prime Minister, will he tell him that the way to go on in this area is to think before you speak and not the other way round?

[Lord Newby]

My Lords, whatever one can say about the history of constitutional change in the UK, it has not been characterised by great speed. While there is now considerable urgency in dealing with consequential constitutional change in both Scotland and the rest of the United Kingdom, it will require a commitment by many people across all parties to bring that about—which in the past has been conspicuously lacking.