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M465 - Motion for annual Bank of England audit watch

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    M465 - Motion for annual Bank of England audit, Joecphillips seconded by CountBrandenberg

    This House believes that the Government should begin an audit of the Bank of England under parliament scrutiny. As far as I know, there is no audit by parliament on a regular basis, and we have never really seen their so called 'books' as they never reveal them. I and the house firmly believe we need an audit of the bank under strict parliament scrutiny, by a separate committee appointed by the treasury. I am aware that there are independent auditors, but it is more democratic if parliament quizzes the officials at the BoE regularly. The BoE are dangerously autonomous so I think this is a step worth taking.

    Note: This is actually a motion written by heri2rs a year ago that he wanted submitting before he became inactive.
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    Abstain until I see the rest of the debate. Dont know enough about it.
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    Abstain.
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    I am also not the most knowledgeable on the topic, but the very phrase "The BoE are dangerously autonomous" is enough for me to say nay to this motion straight away.
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    Strong nay; it is the BoE's autonomy and independence from Parliament which makes it beneficial to our country (there are, however, certain reforms to the bank I came out in support of last term).
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    (Original post by Saunders16)
    Strong nay; it is the BoE's autonomy and independence from Parliament which makes it beneficial to our country (there are, however, certain reforms to the bank I came out in support of last term).
    Hear, hear.
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    I think that we could benefit from an audit under Parliamentary scrutiny, though thinking on the issue now I feel like maybe every year is too often. It’s not something I thought about when Joe showed me the motion and in the interest of keeping the BoE’s independence, I’d suggest such an audit happens less frequently
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    (Original post by LifeIsFine)
    I am also not the most knowledgeable on the topic, but the very phrase "The BoE are dangerously autonomous" is enough for me to say nay to this motion straight away.
    I'm inclined to agree with this.
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    The last thing the establishment needs is more paperwork.
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    The BOE is independent from parliament and should remain that way. We don't need the parliament to get more involved. Nay
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    Straight Nay for me here
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    https://www.bankofengland.co.uk/-/me...1D4319127A6A93

    There you go, full annual statements including accounts audited by KPMG.
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    The autonomy of the BoE is very important and I'm not sure what the proposer wants to audit. Nay.
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    Aye
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    (Original post by TheDefiniteArticle)
    The autonomy of the BoE is very important and I'm not sure what the proposer wants to audit. Nay.
    I'm more concerned with why the KPMG audits are insufficient.
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    (Original post by Tommy1boy)
    Abstain until I see the rest of the debate. Dont know enough about it.
    (Original post by CountBrandenburg)
    I think that we could benefit from an audit under Parliamentary scrutiny, though thinking on the issue now I feel like maybe every year is too often. It’s not something I thought about when Joe showed me the motion and in the interest of keeping the BoE’s independence, I’d suggest such an audit happens less frequently
    (Original post by Saracen's Fez)
    I'm inclined to agree with this.
    Unless they are wanting audits more extensive than are already required as part of compiling annual reports this motion calls for taxpayers to pay to duplicate work that is already being done.

    Further the issues that some find with the BoE cannot be resolved via audit, they're issues with the very nature of central banking.
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    I will be voting against this motion.
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    all I can say is that I echo those saying that the BoE needs to stay independent
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    Division!

    Clear the lobbies!
 
 
 
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