Decades of economic policymaking has prized the growth of the City of London above all other regions of the country and sectors of the economy. [...] The inquiry examined “the main issues confronting HM Treasury and the Bank as they conduct this work”, as well as “how a CBDC might affect the role of the Bank, monetary policy and the financial sector.” In the report, the Economic Affairs Committee expressed scepticism about the need for a CBDC. [...] In 2012, the Bureau of Investigative Journalism estimated that the lobbying budget of the UK financial sector for politicians and regulators to be £93 million a year, used to pay the salaries of over 800 people with the aim of gaining access to policymakers (The Bureau of Investigative Journalism, 2012). [...] Firstly, the close links between private finance and the Treasury promote a belief within the financial sector that it will not have to bear the full costs of the risks of deregulation due to the sector’s privileged access to government bailouts. [...] Current Total (1997-2021) 63.6% 72.5% Note: “Bank of England policymakers” refers to individuals that have been members of one or more of the following committees during the specified time period: the Monetary Policy Committee, the Financial Regulation Committee, and the Prudential Regulation Committee (formerly known as the Board of the Prudential Regulation Authority).
- Pages
- 82
- Published in
- United Kingdom
