Letter dated 14/03/2024 from Baroness Vere of Norbiton to Lord Livermore and Lord Sharkey regarding the draft Bank of England Levy (Amount of Levy Payable) Regulations 2024 debate. 2p.

Letter dated 14/03/2024 from Baroness Vere of Norbiton to Lord Livermore and Lord Sharkey regarding the draft Bank of England Levy (Amount of Levy Payable) Regulations 2024 debate. 2p.

Lords motion to consider. Agreed to on question.

Lords motion to consider. Agreed to on question.

My Lords, these draft regulations will ensure the implementation of the Bank of England

levy following the passage of the Financial Services and Markets Act 2023, which made provision for the replacement of the cash ratio deposits scheme with this levy. Currently, the Bank of England’s monetary policy and financial...

My Lords, these draft regulations will ensure the implementation of the Bank of England

levy following the passage of the Financial Services and Markets Act 2023, which made provision for the replacement of the cash ratio deposits scheme with this levy. Currently, the Bank of England’s monetary policy and financial...

My Lords, it is obviously unacceptable that the Bank of England should be making a loss on its supervisory activities regarding the banking sector. We are happy to support this SI’s correction of that situation.

Before we allow the Bank to charge companies more, should we not ask ourselves whether there...

My Lords, it is obviously unacceptable that the Bank of England should be making a loss on its supervisory activities regarding the banking sector. We are happy to support this SI’s correction of that situation.

Before we allow the Bank to charge companies more, should we not ask ourselves whether there...

My Lords, we fully support the replacement of the current cash ratio deposit and the proposed mechanics of the levy. We therefore support this statutory instrument.

I have only one question, related to the timing of this measure. As I am sure the Minister would agree, providing the banking sector with...

My Lords, we fully support the replacement of the current cash ratio deposit and the proposed mechanics of the levy. We therefore support this statutory instrument.

I have only one question, related to the timing of this measure. As I am sure the Minister would agree, providing the banking sector with...

I am grateful to noble Lords for sharing their thoughts on this SI. It is a simple switchover from one scheme to another, but I recognise that there are points that deserve a bit more insight. I hope that, by the end of my closing speech, I will have an...

I am grateful to noble Lords for sharing their thoughts on this SI. It is a simple switchover from one scheme to another, but I recognise that there are points that deserve a bit more insight. I hope that, by the end of my closing speech, I will have an...

Background to and discussion of the Bill, which would implement changes to the regulation of financial services arising from the UK's departure from the EU.

Background to and discussion of the Bill, which would implement changes to the regulation of financial services arising from the UK's departure from the EU.

Cash Ratio Deposits (CRDs) are non-interest bearing assets deposited with the Bank of England (“the Bank”) by banks and building societies. They are invested in gilts by the Bank and the income is used to finance its policy functions, in particular its efforts to secure price stability and the stability...

Cash Ratio Deposits (CRDs) are non-interest bearing assets deposited with the Bank of England (“the Bank”) by banks and building societies. They are invested in gilts by the Bank and the income is used to finance its policy functions, in particular its efforts to secure price stability and the stability...

My honourable friend the Economic Secretary to the Treasury (John Glen) has today made the following Written Ministerial Statement.

Cash Ratio Deposits (CRDs) are non-interest bearing assets deposited with the Bank of England (“the Bank”) by banks and building societies. They are invested in gilts by the Bank and the...

My honourable friend the Economic Secretary to the Treasury (John Glen) has today made the following Written Ministerial Statement.

Cash Ratio Deposits (CRDs) are non-interest bearing assets deposited with the Bank of England (“the Bank”) by banks and building societies. They are invested in gilts by the Bank and the...

Lords motion to consider. Agreed to on question.

Lords motion to consider. Agreed to on question.

My Lords, I beg to move that the Committee has considered the draft Cash Ratio Deposits (Value Bands and Ratios) Order 2018, which was laid before the House on 16 April this year. The draft order makes changes to the cash ratio deposits scheme, which is the way by which...

My Lords, I beg to move that the Committee has considered the draft Cash Ratio Deposits (Value Bands and Ratios) Order 2018, which was laid before the House on 16 April this year. The draft order makes changes to the cash ratio deposits scheme, which is the way by which...

My Lords, I noticed that when the Bank of England consulted on this scheme it received only three responses. That highly recommends that I be brief in my response. Obviously, we as a party very much value the independence of the Bank of England. I am reminded that Vince Cable...

My Lords, I noticed that when the Bank of England consulted on this scheme it received only three responses. That highly recommends that I be brief in my response. Obviously, we as a party very much value the independence of the Bank of England. I am reminded that Vince Cable...

My Lords, I agree that this is clearly a measure that is appropriate for statutory instruments, but I wish that it had not landed on my desk. Of course, we will not oppose this. This will not be the one in 1,000 occasion this afternoon, I am sure the Minister...

My Lords, I agree that this is clearly a measure that is appropriate for statutory instruments, but I wish that it had not landed on my desk. Of course, we will not oppose this. This will not be the one in 1,000 occasion this afternoon, I am sure the Minister...

I am grateful to the noble Lord for delving into the algebra in the formula of “i” over “el” times “py”, which we all know arrives at the answer of the funding that is required. Before dealing with the explanation for that, I will deal with some of the points...

I am grateful to the noble Lord for delving into the algebra in the formula of “i” over “el” times “py”, which we all know arrives at the answer of the funding that is required. Before dealing with the explanation for that, I will deal with some of the points...

My right honourable friend the Chief Secretary to the Treasury (Elizabeth Truss) has today made the following Written Ministerial Statement

Cash Ratio Deposits (CRDs) are non-interest bearing assets deposited with the Bank of England by banks and building societies. They are used by the Bank to finance its policy functions, in...

My right honourable friend the Chief Secretary to the Treasury (Elizabeth Truss) has today made the following Written Ministerial Statement

Cash Ratio Deposits (CRDs) are non-interest bearing assets deposited with the Bank of England by banks and building societies. They are used by the Bank to finance its policy functions, in...

Cash Ratio Deposits (CRDs) are non-interest bearing assets deposited with the Bank of England by banks and building societies. They are used by the Bank to finance its policy functions, in particular its efforts to secure price stability and the stability of the financial system in general, from which these...

Cash Ratio Deposits (CRDs) are non-interest bearing assets deposited with the Bank of England by banks and building societies. They are used by the Bank to finance its policy functions, in particular its efforts to secure price stability and the stability of the financial system in general, from which these...

Motion that the draft Cash Ratio Deposits (Value Bands and Ratios) Order 2013, which was laid before this House on 26 March, be approved. Agreed to on question.

Motion that the draft Cash Ratio Deposits (Value Bands and Ratios) Order 2013, which was laid before this House on 26 March, be approved. Agreed to on question.

I beg to move,

That the draft Cash Ratio Deposits (Value Bands and Ratios) Order 2013, which was laid before this House on 26 March, be approved.

The draft order makes changes to the cash ratio deposits scheme, which is how the Bank of England funds its monetary policy and financial stability...

I beg to move,

That the draft Cash Ratio Deposits (Value Bands and Ratios) Order 2013, which was laid before this House on 26 March, be approved.

The draft order makes changes to the cash ratio deposits scheme, which is how the Bank of England funds its monetary policy and financial stability...

I am glad to have the opportunity to debate this issue on the Floor of the House. The last review—I believe they take place roughly every five years—was in 2008, as part of the changes introduced by the 1998 reforms. We feel that this is a reasonable way of funding...

I am glad to have the opportunity to debate this issue on the Floor of the House. The last review—I believe they take place roughly every five years—was in 2008, as part of the changes introduced by the 1998 reforms. We feel that this is a reasonable way of funding...