---

Banking Bill

My Lords, Clause 242 completely removes the requirement placed on the Bank of England to publish a weekly return, which has been the position since 1844. We can see that there are drawbacks in the weekly publication, but we should be wary of removing information completely from the public domain. No alternative reporting requirement is placed on the Bank of England by Clause 242, so that is what my amendment would do. In the place of weekly publication, I have proposed two changes to the 1844 Act with my amendment. The first is to allow the Treasury to prescribe the form and frequency of the return, so that it can move from weekly if that is appropriate. The second is to modernise the publication requirement so that the existing requirement to publish in the next London Gazette is replaced by a broader requirement to publish, "““as soon as is practicable””," but with an important let-out on the basis of public interest. I hope that the Government will not insist on letting the Bank of England retreat into secrecy. The Bank is a public body and ought to be open and transparent. The Treasury should call the shots on publication, not the Bank. That is what my amendment seeks to achieve. I beg to move.