The world would be a poorer place without Austin Mitchell:
ENFORCEMENT OF BANK OF ENGLAND ACT 1694
20.04.2009
Mitchell, Austin
That this House, observing that the intention of the founding Act of the Bank of England in 1694 was `that their Majesties' subjects may not be oppressed by the said corporation', notes that those subjects have been seriously oppressed by the Bank's failure to control the greed, risk-taking and speculation of the banking system over which it presides; and therefore suggests that this oppression should be dealt with as the Act provides by fines three times the value of the abusive trading.
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Right on, and I like the idea. The only trouble is that at the moment, the government would give the money to its banker friends to send off shore so that they could buy UK government bonds to bolster their theoretical capital structure and to buy shares in nominated companies to move the FTSE up a bit. Oh yes, and lend some to the their Russian oligarch friends families to support London house prices at the top end.
It would be nice if the arrogant, overpaid tax dodgers in the banking sector did have to pay for their stupidity; but of course, now they’ve been bailed out by the state, everybody else is actually paying for it, and will pay for it for decades.