B1604 – Sovereign Wealth Fund Bill 2020

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Andrew97
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B1604 – Sovereign Wealth Fund Bill 2020, Miss Maddie MP


Sovereign Wealth Fund Bill 2020


A
BILL
TO


Make provision for the creation of a sovereign wealth fund, its management, its continued funding and its uses

BE IT ENACTED by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—*

1 Establishment
(1) A public fund known as the British Sovereign Wealth Fund is hereby established.
(2) The legal ownership of the fund is vested in Her Majesty’s Treasury in a trust for the citizens of the United Kingdom of Great Britain and Northern Ireland.
(3) The Fund shall be managed and invested for the benefit of the current and future citizens.
(4) Subject to this Act, the Board of Directors shall have the legal custody and management of the Fund.
(5) The Fund shall comprise of three systems─
(a) the Stabilisation system;
(b) the Infrastructure Development system; and
(c) the Special system.

2 Purpose
The fund shall —
(a) provide finance for infrastructure development priorities, and;
(b) build a savings base for future generations.

3 Funding and initial funding management
(1) The fund shall consist of funds from —
a. the revenue from the nationalisation of any public sector body
b. any funding the Secretary of State directs to the fund up to a maximum of £15bn per financial year.
i. this increases annually in line with inflation (Retail Price Index [RPI]).
c. all monies under (b) will be invested in stocks, shares, capital and debt bonds as controlled by the board of directors.
(2) There shall be a bank account for the fund called “Holding Account.”
a. the account shall─
i. be used for receiving, holding and disbursing all the proceeds to the fund;
ii. be maintained at the Bank of England; and
iii. maintain the monies in Pounds Sterling or any other foreign currency the Secretary of State determines.
(3) Deposits into the Holding Account shall be transferred into the systems of the fund in the following proportions:
a. at least 15% to the Stabilisation system;
b. at least 60% to the Infrastructure Development system; and
c. at least 10% percent to the special system.
(4) The transfer of deposits under subsections (1) and (3) shall be within ten days from the date of receipt.
(5) Notwithstanding subsection (1)─
(a) transfers to the Stabilisation system shall cease when the component grows to twenty percent of GDP and the share ─
i. shall be utilised to service national debt; or
ii. the minimum 15% stabilisation system funding may be redistributed to the infrastructure system by the Secretary of State with the approval of Parliament, or;
iii. transferred directly to citizens through tax cuts.
(b) the stabilisation system falling below 20% GDP subsection (5) stops applying until 20% has been exceeded again.
(6) Parliament may, in consultation with the Secretary of State review, annually, the proportions of funding for each system.
(a) When making a review under subsection (4), Parliament shall take into account─
(b) the need to maintain macro-economic stability
(c) investment in priority projects; and
(d) the need to provide savings for future generations.
(7) An "out fund" shall be established for the holding on monies being paid out of any system before distribution to the nation government for spending.
(a) the out fund is to be controlled by the same board of directors.

4 Stabilisation system
(1) The object and purpose of the Stabilisation system is─
(a) for management of exogenous shocks which may affect macroeconomic stability not covered under subparagraph (a) as may be approved by Parliament.
i. for the purposes of section 1(a) expenditure under the national budget can be insulated for a period not exceeding two years.
(2) The sources of funds for the Stabilisation system are─
(a) transfers received from the Holding Account; and
(b) investment income earned on the Stabilisation system.
(3) Where there is a situation that requires money to be withdrawn from the Stabilisation system, the Secretary of State shall write to the board of directors outlining the amount required and the justification for the
withdrawal.
(4) Upon request from the Secretary of State the Board shall:
(a) write to the Bank of England authorising it to transfer the funds from the Stabilisation system to the "out fund"
(5) Any withdrawal under subsection (1) shall not exceed─
(a) the limit approved by Parliament in the budget estimates; and
(6) Any balances standing to the credit after withdrawal from the Stabilisation system may be invested in accordance with this Act.
(7) Any investments shall be done in a manner that is not prejudicial to the objectives of the Fund.
(8) Any withdrawal shall require written instructions by the board of directors to the Bank of England to transfer the funds from the Stabilisation system for the purpose of macroeconomic stabilisation.

5 Infrastructure development system
(1) The object and purpose of the Infrastructure Development system is to provide funding for public sector infrastructure development priorities as determined by the Secretary of State and approved by Parliament in the five year infrastructure development plan (IDP).
(2) A 5 year IDP setting out the priorities for development referred to under subsection shall be published every five years and need the approval of Parliament before funding under this section can be used.
(3) The IDP may include, but is not limited to, investments in agriculture, transport, housing, energy, water, education and health.
(4) The sources of funds for the Infrastructure Development system shall be ─
(a) transfers received from the Holding Account; and
(b) investment income earned on the Infrastructure Development system.
(5) All withdrawals from the Infrastructure Development system shall─
(a) only be used to finance infrastructure development priorities as provided in the IDP.
(6) After approval of the budget by Parliament, the Secretary of State shall write to the Board stating the amount required to be withdrawn and the timing of the withdrawal.
(7) The Board shall, upon the receipt of request under subsection (2), write to the Bank of England authorising it to transfer the funds from the Infrastructure Development system to the "out fund"
(8) Any withdrawals shall require written instructions from the Bank of England to transfer the funds from the Infrastructure Development system for the purposes of funding public sector infrastructure development priorities set out under the IDP.

6 Special system
(1)The object and purpose of the special system to build a savings base for future generations by─
(a) providing an endowment to support development for future generations
(b) generating an alternative stream of income to support expenditure for pensions and social welfare where only those over pension age are entitled to be recipients.
i. the 'pension age' is over 65.
ii. the Secretary of State may increase this limit.
(2) The sources of funds for the Special system shall be─
(a) transfers received from the Holding Account; and
(b) investment income earned on the special system
(3) Any transfer from the Special system shall require a minuted board resolution and written instructions from the board of directors to the Bank of England authorising it to transfer funds from the Special system for
investment purposes.
(4) Any transfer from the Special system shall not exceed the limit approved by the board of directors in its resolution.

7 Fiscal recording by the fund
(1) The fund shall publish an annual report including;
(a) the actual amount of resource revenues during the present financial year, in comparison with
the amount entered into the budget estimates;
(b) the actual amount of withdrawal from the Stabilisation and Infrastructure Development systems of the Fund during the present financial year, in comparison with the budget estimates; and
(c) updated forecasts of resource revenues and explanation of changes from the forecasts in the most recent national budget.

8 Board of Directors
(1) This Act hereby establishes a Board of Directors to manage the fund.
(2) The Board shall be a body corporate with perpetual succession and shall be capable in its corporate name of—
(a) suing and being sued;
(b) taking, purchasing or otherwise acquiring, holding, charging and or disposing of movable and immovable
property in and outside the United Kingdom of Great Britain and Northern Ireland;
(c) entering into contracts;
(d) being the custodian of assets, properties and equipment of the Fund;
(e) managing, controlling and administering the assets of* the Fund; and
(f) performing or doing such other acts necessary for the proper performance of the functions of the Board
under this Act which may lawfully be done by a body corporate.
(3) The Board shall have all the powers necessary for the proper performance of the functions of the Fund under this Act.
(4) Notwithstanding the generality of subsection (1), the Board shall─
(a) provide overall guidance and oversight of the administration and management of the Fund;
(b) determine the management structure and operational guidelines of the Fund;
(c) invest the Fund in accordance with this Act;
(d) develop investment policies for approval by the Secretary of State;
(e) set performance benchmarks for returns and risks;
(f) approve budget for the management, administration and agency fees related to the Fund, which shall be
included in the budget estimates of the National Government;
(g) perform financial management and reporting functions including─
(i) causing to be prepared bank reconciliation statements every month and submitting to the Secretary of State not later than tenth of the subsequent month;
(ii) causing to be kept proper books of accounts and other books and records in relation to the Fund, of all activities and undertakings financed from the Fund;
(iii)monitor and evaluate performance of the systems of the Fund as specified in this Act; and
(iv) prepare a quarterly report on the receipts into and withdrawals from the Fund and submit to the Secretary of State.
(h) open and close bank accounts for the Fund;
(i) submit reports to the Secretary of State as required under this Act;
(j) recruit such staff as may be necessary for the effective performance of its functions;
(k) perform any other functions as may be assigned to it by the Secretary of State; and
(l) perform any other function necessary to achieve the objectives of the Fund under this Act.
(5) The Board shall, in exercise of its powers and performance of its duties under this Act, ─
(a) be responsible and accountable in the performance of its functions and exercise of its powers and for the proper management of the Fund;
(b) keep under constant review, the performance of the Chief Executive Officer in discharging the responsibilities of that office; and
(c) keep under constant review, the use of the resources of the Fund.
(3) The Board may delegate to any person, the exercise of any powers or the performance of any of its functions or its duties under this Act.

9 Board of Directors Formation
(1) The Board shall be managed by a board of directors of 11 directors, including the Chairperson
(2) The following persons are disqualified from being directors:
(a) a person who is less than 18 years of age;
(b) a person who is of unsound mind and has been so
found by a court in the United Kingdom or elsewhere;
(c) a person who has the status of a bankrupt;
(d) a person who is not a natural person;
i. a person who is an employee of the Board;
(e) a person who is an agent or employee of Her Majesty;
(f) a person who is a member of the House of Commons or the House of Lords or a member of a devolved
legislature;
(g) a person who is an agent or employee of the government of a foreign country or any political subdivision of a foreign country;
(h) a person who is not a resident of the United Kingdom, and;
(i) a person who does not hold British citizenship.
(3) Each director shall be appointed by Her Majesty on the recommendation of the Secretary of State to hold office during good behaviour for a term, not exceeding four years, that will ensure, as far as possible, the expiry in any one year of the terms of office of not more than one half of the directors.
(a) all recommendations must meet the minimum qualification level of:
i. is a British citizen
ii. has over five years’ experience at senior management level in the field of management of investments portfolios;
iii. holds a degree in economics, finance, accounting or other related subject.
iv. has not been convicted for any criminal offence with a fine exceeding level 2 on the standard scale and/or to
a jail term exceeding six months.
(4) The members of the nominating committee hold office for five years and are eligible for reappointment for
one or more additional terms not exceeding a total of 3 terms.
(5) The Minister who appoints a member may remove that member at any time.
(6) A director is entitled to receive from the Board the remuneration that may be fixed by the by-laws, which remuneration shall be fixed having regard to the remuneration received by persons having similar responsibilities
and engaged in similar activities.
(a) this level shall be set by the Secretary of State 12 months in advance to the start of the pay period.
(7) Her Majesty shall, on the recommendation of the Secretary of State after the Minister has consulted
with the board of directors, designate one of the directors as Chief Executive Officer.

10 Investing
(1) The resources of the Special system shall be invested as specified in part 1 of the schedule 1.
(2)The assets of the Special system shall not be invested in securities issued by a UK issuer, real estate located in the UK, or UK debt bonds.
(3) The resources of the Stabilisation system shall be invested as specified in part 2 of the schedule 1 in securities issued by a UK issuer, real estate located in the UK, or UK debt bonds.
(4) The resources of the Infrastructure Development system shall be invested as specified in part 3 of schedule 1
(5) The special system, the Stabilisation system and the Infrastructure Development system shall not be used─
(a) to make advances or loans or provide any other form of credit to a national government entity, state corporation, county government entity, county corporation or any other legal or natural person; or
(b) as collateral for any borrowing of a national government entity, state corporation, county government entity, county corporation.

11 Rules of investing
(1) Investment policies of the Fund shall be guided by the following risk management principles─
(a) clear and consistent investment policies including objectives, risk tolerance, and strategy approved by
the Secretary of State which shall specify─
(i) the balance between risk and return in the overall investment portfolio of the Fund;
(ii) the criteria for selecting investment assets;
(iii) the determination of benchmarks and standards against which the performance of the
Fund will be assessed;
(iv) the constraints in investment of the Fund;
(v) The policies for the appointment, oversight and evaluation of the external investment managers
and custodians;
(vi) the policies for use of leverage on investment;
(vii) the policies for risk management;
(viii) the policies for internal control and audit; and
(ix) such other matters as may be prescribed in the policies of the Board and approved by the Secretary of State;
(b) reliable information and regular reporting to assure effective monitoring and management of relevant risks
within acceptable levels.
(2) The Board shall review at and revise the investment policies which shall be consistent with this Act.
(a) a review shall be conducted at least once in every three year period.
(3) All investments of the Fund shall─
(a) be made in accordance with the approved investment policy, risk management framework, guidelines and
strategies;
(b) be geared towards assuring maximum return while minimising the level of risk exposure;
(c) be made in a prudent manner consistent with institutional portfolio management;
(d) be made without undue risk to the Fund as a whole; and
(e) have regard to the public interest and the overall macroeconomic and financial stability of the economy.

12 Offence of misuse of the fund
(1) A person who misappropriates any funds or assets from the Fund, or assists or causes any person to misappropriate or apply the funds otherwise than in the manner provided in this Act, commits an offence and is
liable on conviction to─
(a) pay twice the amount misappropriated; and
(b) an unlimited fine or imprisonment for a term of not less than five years or both.
(2) Without prejudice to subsection (1), a person who misappropriates, assists or causes any person to misappropriate from the Fund, shall be held liable for any loss arising from that loss and shall make good the loss whether that person remains the holder of the office or not.

13 Interpretations
(1) “Accounting Standards Board” means the accounting standards set by the Financial Report Council.
(2) “Chief Executive Officer” means the Chief Executive Officer of the Fund this Act appoints.
(3) “Board” means the Sovereign Wealth Fund Board of Directors this Act appoints.
(4) "Secretary of State" is the Chancellor of the Exchequer or responsible minister appointed on their behalf.
(5) "Central Bank" refers to the Bank of England.
(6) “Exogenous shocks” means events beyond the control of the national government, which have significant negative impact on the economy including terms-of-trade shocks, natural disasters, shocks to demand for exports, or conflict or crisis in neighbouring countries that has adverse effects on balance of payments;
(7) “Financial instruments” means contracts that give rise to financial assets of one entity and a financial liability of another entity;
(8) “Financial year” means the period of twelve months starting on 6 April 2020.
and ending 5th April 2021 and the 12 months blocks thereafter.
(9) “Fund” means the Sovereign Wealth Fund established by this Act.
(10) “Holding Account” means a bank account for receiving and holding revenues before payment into the fund.
(11) "Out fund" is a bank account for receiving and holding monies before payment to the national government.
(12) "National Government/Government" means the Government of the United Kingdom of Great Britain and Northern Ireland.
(13) "Treasury" refers to Her Majesty's Treasury.
(14) "Macroeconomic stabilisation" refers to protecting the overall economy of the United Kingdom from exogenous shocks.

14 Extent, commencement and short title
(1) This Act extends to the United Kingdom
(2) This Act comes into force on the 6th April 2021.
(3) This Act may be cited as the Wealth Fund Act 2020

Schedule 1

Part 1
(1) A financial instrument denominated in internationally convertible currency –
(a) that has investment grade rating from internationally recognised rating agencies; or
(b) that is issued by or guaranteed by the International Monetary Fund, Word Bank or by a sovereign State other than the UK, if the issuer or guarantor, has investment grade rating from internationally recognised rating agencies; or
(2) An internationally convertible currency deposit that bears interest in a fixed amount equivalent to at least interest issued by─
(a) the Bank of England
(b) the European Central Bank or any other Central Bank established within a sovereign State that has an investment credit rating from internationally recognised rating agencies; or
(c) An internationally convertible currency deposit with a foreign central bank or a foreign commercial bank that meets a minimum capital adequacy ratio set by internationally recognised standards body and has investments credit rating; or
(d) Extra instruments as may be prescribed by the Secretary of State.

Part 2
(1) A debt instrument denominated in internationally convertible currency-
(a) that has investment credit rating from internationally recognised rating agencies; or
(b) that is issued by or guaranteed by the International Monetary Fund, World Bank or by a sovereign State
other than the UK, if the issuer if the investor has an investment grade rating from internationally recognised rating agencies; or
(2) An internationally convertible currency deposit that bears interest of a fixed amount equivalent to at least interest issued by─
(a) the Bank of England
(b) the European Central Bank or any other Central Bank established within a sovereign State that has an investment credit rating from internationally recognised rating agencies; or
(c) An internationally convertible currency deposit with a foreign central bank or a foreign commercial bank that meets a minimum capital adequacy ratio set by internationally recognised standards body and has investments credit rating; or
(d) Extra instruments as may be prescribed by the Secretary of State.

Part 3
(1) A debt instrument denominated in internationally convertible currency-
(a) that has investment credit rating from internationally recognised rating agencies; or
(b) that is issued by or guaranteed by the International Monetary Fund, World Bank or by a sovereign State
other than the UK, if the issuer if the investor has an investment grade rating from internationally recognised rating agencies; or
(2) An internationally convertible currency deposit that bears interest of a fixed amount equivalent to at least interest issued by─
(a) the Bank of England
(b) the European Central Bank or any other Central Bank established within a sovereign State that has an investment credit rating from internationally recognised rating agencies; or
(c) An internationally convertible currency deposit with a foreign central bank or a foreign commercial bank that meets a minimum capital adequacy ratio set by internationally recognised standards body and has investments credit rating; or
(d) Another instrument─
i. that is solely based on an instrument that satisfies subsections (1) and (2); and
ii. where its acquisition reduces the financial exposure to the risks associated with underlying instruments prescribed by the Secretary of Secretary; or
(4) The assets of Infrastructure Development system may be invested in─
(a) securities listed at the London Stock Exchange;
(b) secured bonds; or
(c) Treasury Bills and Bonds issued by any central banks.
(5) Any other instrument as may be prescribed by the Secretary of State on the recommendation of the Board.

Interpretations in this schedule
(1) A recognised body whether that be a ratings agency or a standards agency is an agency deemed competent by the Secretary of State.

Notes

The bill creates a sovereign wealth fund (SWF). It does this by:

1. Creating board of directors and specifying how they are selected and what their powers are.
2. Introduces measures to fund an SWF.
3. Control what the SWF can be used to fund. I.e.
- infrastructure
- future pensions
- economic instability
4. It introduces control for all things in (3) to prevent reckless spending.
5. It control what the SWF can invest in.

Benefits of this bill over the now repealed B1558:

1. Doesn't touch the Crown Estate.
2. Not fiscally irresponsible by mandating set payment into the Act each year.
3. More detailed management structure with the powers.
4. Controls on spending and investing.

Cost

The administration costs are difficult to calculate. The bill set regular annual payment amounts at what the Secretary of State specifies. In theory it could be zero. I would hope it would not be zero and the SoS can inform us what he plans to invest.

I'm obviously open to suggestions and working together on changes for future readings. This is an incredibly complex topic to properly address.

I promised I would introduce a bill creating an SWF. Here it is!
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The Mogg
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But I don't wanna go through this again :cry:
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Miss Maddie
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Aye! If you buy into the ideology of such a fund this is a good starting point to build on.
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Jammy Duel
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(Original post by Miss Maddie)
Aye! If you buy into the ideology of such a fund this is a good starting point to build on.
If you believe in the magic money tree, sure, but I'm pretty sure we repealed this a few months ago because the magic money tree doesn't exist
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Miss Maddie
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(Original post by Jammy Duel)
If you believe in the magic money tree, sure, but I'm pretty sure we repealed this a few months ago because the magic money tree doesn't exist
A magic money tree to fund what, privatisations? (ignoring the spelling mistake)
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Jammy Duel
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(Original post by Miss Maddie)
A magic money tree to fund what, privatisations?
To fund this nationalisation programme you're borrowing to nationalise and then lose money on that borrowing because borrowing isn't free.
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Miss Maddie
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(Original post by Jammy Duel)
To fund this nationalisation programme.
It should read privatisation of any public sector body. It would be impossible to nationalise a public sector body. That's my mistake.

Andrew97 could you please edit 3(1)a to reflect the above? ^^^
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Jammy Duel
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(Original post by Miss Maddie)
It should read privatisation of any public sector body. It would be impossible to nationalise a public sector body. That's my mistake.
What is the money being used for if not part nationalisations?
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Miss Maddie
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(Original post by Jammy Duel)
What is the money being used for if not part nationalisations?
That is up to the board and the Secretary of State. It could be tax cuts, infrastructure spending, what you would call part nationalisation, debt bonds, currency stores, gold hoarding. Whatever is the best investment.
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Jammy Duel
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(Original post by Miss Maddie)
That is up to the board and the Secretary of State. It could be tax cuts, infrastructure spending, what you would call part nationalisation, debt bonds, currency stores, gold hoarding. Whatever is the best investment.
The best investment being not to bloat the debt even further which is the consequence of this bill.

In fact this is worse than the original, the way we both know the Chancellor would use it come the end of the century we would have borrowed £5.7tn in exchange for a SWF worth £5.5tn, both in today's money
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Miss Maddie
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(Original post by Jammy Duel)
The best investment being not to bloat the debt even further which is the consequence of this bill.

In fact this is worse than the original, the way we both know the Chancellor would use it come the end of the century we would have borrowed £5.7tn in exchange for a SWF worth £5.5tn, both in today's money
You're assuming there will be reckless borrowing and permanent cash injections.
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Jammy Duel
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You're assuming there will be reckless borrowing and permanent cash injections.
You have met Rakas, haven't you?
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Miss Maddie
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You have met Rakas, haven't you?
No one sane would do that. Would he really forever pump the £15bn a year into it? If he would the second reading needs more restrictions about that. I would like to think the sensible thing would be done. I.e. keeping a small stake in a privatisation and injecting some of that revenue to help pay for pensions in a few decades.
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El Salvador
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I will wait for my more knowledgeable colleagues to express their views on this, but for now, I think I can support this.
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Jammy Duel
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(Original post by Miss Maddie)
No one sane would do that. Would he really forever pump the £15bn a year into it? If he would the second reading needs more restrictions about that. I would like to think the sensible thing would be done. I.e. keeping a small stake in a privatisation and injecting some of that revenue to help pay for pensions in a few decades.
Yes, that is exactly why the original was repealed, because he wanted to pump £15bn a year in, now you've boosted that to £15bn+RPI which means it doubles roughly every 20 years nominally and based on CPI real terms doubles roughly every 70 years
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Jammy Duel
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(Original post by El Salvador)
I will wait for my more knowledgeable colleagues to express their views on this, but for now, I think I can support this.
You want to borrow nearly £6tn over the rest of the century with nothing to show for it? I guess it should come as no surprise because the Tories haven't demonstrated fiscal responsibility for years
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Miss Maddie
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(Original post by Jammy Duel)
Yes, that is exactly why the original was repealed, because he wanted to pump £15bn a year in, now you've boosted that to £15bn+RPI which means it doubles roughly every 20 years nominally and based on CPI real terms doubles roughly every 70 years
That clause will be changed for the second reading. Either complete removal or for it to only apply when there is a surplus sufficiently greater than the cost being paid in.
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Theloniouss
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Is it really supposed to be monies?

Otherwise, this all looks rather sensible.
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Miss Maddie
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Rakas21, assuming this passed in its current form, would you pay optional maximum £15bn + RPI in or would you avoid that?
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Jammy Duel
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(Original post by Theloniouss)
Is it really supposed to be monies?

Otherwise, this all looks rather sensible.
In what world is borrowing £6tn and not even having a balance of £6tn after nearly a century of running the thing sensible? Seriously, in what world do you borrow to lose money, I honestly despair for this government if they believe that to be a sensible course of actions.

This whole deal was repealed a few months ago precisely because it makes no sense.
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