Change how interest rates are stimulated by Bank of England

Rejected 10 signatures

What the petition asks

Change how interest rates are stimulated by Bank of England especially during a national crisis or further national crisis.
Have a healthy debate about modernisation required to safeguard poorer households to avoid them loosing their homes.

Currently the Bank of England states they have been independent for 25 years eventhough the monarch makes the appointment based on advice from Chancellor.

Also, there is mention that the The Economic Affairs Committee is launching an inquiry to examine how operational independence is working. I don't think that this will help struggling families throughout Britain as interest rates are set to rise further.
Interest rates set by other countries may help indicate measures required.

Why it was rejected

It was not clear what the petition asked the UK Government or Parliament to do.

Petitions need to call on the Government or Parliament to take a specific action.

We understand that you're concerned about how interest rates are set, but we're not sure exactly what you'd like the Government or Parliament to do.

The Bank of England is responsible for setting interest rates, and sets monetary policy to achieve the Government's target of keeping inflation at 2%.

We have published the following petition, which you might like to sign:

Take back control of interest rates from the Bank of England: Take back control of interest rates from the Bank of England

If you want the Government to make other changes to arrangements for the setting of interest rates, you could start a new petition explaining clearly what you would like the Government or Parliament to do.

Timeline

7 Aug 2023	Petition opened for signatures
9 Aug 2023	Rejected by the Petitions Committee

Key facts

Signatures 10

Status Rejected

Rejected 9 Aug 2023

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