John’s Private Members Bill pointed out that the Bank of England was shortly to take over regulatory responsibility of the financial sector from the discredited Financial Services Authority and made the modest demand that Parliament should have some say in who was appointed.. As John said
“ The governor of the Bank of England , especially the next governor as Sir Mervyn King retires over the next year, will play an essential and pivotal role in what is now becoming increasingly clear will, of necessity, be a radical reform and reconstruction of our financial system..... there should be a decisive, democratic input into the appointment of the new governor”
A reasonable proposal one might think and one which MP’s of all parties might support, in an effort to make their own role in determining the affairs of the nation more real and more relevant
Sadly nothing could be further from the truth, and with Government Minister Mark Hoban warning that “market confidence” could be threatened if democracy was allowed to intrude into the affairs of the Bank of England and the City of London, Tory MP’s made long and irrelevant speeches to ensure that the Bill “ran out of time”. They were aided and abbeted in this by Deputy Speaker and former “lefty” Dawn Primarolo, who failed to intervene to stop them.
John despairingly warned that such wrecking tactics played into the hands of “people who believe that this House is descending into an irrelevant farce”. I’ll second that !