Examples of Bank of England Act in a sentence
That the draft Bank of England Act 1998 (Macro-prudential Measures) (Amendment)Order 2021, which was laid before this House on 14 June, be approved.Notes:The instrument has not yet been considered by the Joint Committee on Statutory Instruments.
The objective of UK monetary policy is laid down in the 1998 Bank of England Act, where the stated priority is price stability and “subject to that”, the legislation mandates the Bank to support the Government’s policies for growth and employment.
TO Amend the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009; to make other provision about financial services and markets; to make provision about the exercise of certain statutory functions relating to building societies, friendly societies and other mutual societies; to amend section 785 of the Companies Act 2006; to make provision enabling the Director of Savings to provide services to other public bodies; and for connected purposes.
The Bank’s formal financial stability objective, set out in the Bank of England Act 1998, as amended by the 2012 Act, is to ‘protect and enhance the stability of the financial system of the United Kingdom’.
The Economic Secretary to the Treasury has made the following statement regarding Human Rights: In my view the provisions of the Bank of England Act 1998 (Macro-prudential Measures) (no.2) Order 2015 are compatible with the Convention rights.
Our recommendations would simply require greater clarity about how the rules are assessed and what the government ought to do when it appears to be unlikely to meet them.Monetary-fiscal coordinationThe Bank of England Act, which was passed – like its fiscal counterpart – in 1998, laid out the operation of monetary policy in considerable detail.
According to the institutional framework laid down in the 1998 Bank of England Act, the Bank is required to set interest rates so as to maintain price stability and subject to that to support the economic policy of the Government, including its objectives for growth and employment.
It also provides a richer picture of activity in the sterling money market, enabling the Bank to better assess overall market effectiveness.In addition, the Bank use a subset of these data – those which relate to transactions in overnight unsecured money market – to form the basis of a reformed SONIA benchmark interest rate.The information is collected by the Bank exercising its statutory powers under the Bank of England Act 1998.
Data will be collected using the Bank’s power to obtain information under the Bank of England Act 1998.
Institutions eligible to sign up to the BoE’s existing bilateral Standing Facilities were all banks and building societies that were required under the Bank of England Act 1998 to place cash ratio deposits at the BoE.