No amendments were submitted so this bill goes directly to final division:

Bank of England (Amendment) Bill

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BILL

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Improve the functioning of the Bank of England whilst switching its function to NGDP targeting and expanding its parameters to reflect the 21st century’s economy.

BE IT ENACTED by the Queen’s Most Excellent Majesty, by and with the advice and consent of the Lords, and Commons, in this present Parliament assembled, and by the authority of the same, as follows –

Section 1 - Definitions

(1) In this bill “the Act” is the Bank of England Act 1998.

Section 2 - Clauses

(1) All examples of “support the economic policy of Her Majesty’s Government, including its objectives for growth and employment” in the Act is to be amended to read-

Support the economic policy of Her Majesty's Government, including its objectives for growth, employment, imports and exports, exchange rate of the Pound Sterling and equality.

(2) In Section 11 of the Act replace Clause A with-

To maintain nominal gross domestic product with partial consideration of price stability.

Section 3 - Commencement, Extent and Short Title

(1) This Act shall come into force on the 1st of April 2022.

(2) This Act shall extend to the whole of the United Kingdom of Great Britain and Northern Ireland.

(3) This Act may be cited as the Bank of England (Amendment) Act 2021.

This Bill was written and submitted by Amber_Rudd CB MBE PC MP, Spokesperson for a Social Economy, on behalf of Coalition!

Opening Speech:

Mr Deputy Speaker,

NGDP targeting which this bill implements will better support the policies of this government and of future governments whilst reflecting the modern economy’s realities. Supported by both think tanks and real economists of left and right, NGDP targeting combines both inflation and GDP targeting to ensure a consistent economic upshot, rather than targeting an arbitrary 2% inflation rate. Deflationary cyclicism is made harder and the long-term economy will improve thanks to increased cyclical stability. I hope the House will support this common sense piece of legislation.

Vote on this bill by 10pm on October 14th.