The Money Commission Amendment: what happens next?

Positive Money’s campaign for a money commission received a huge boost last week as Douglas Carswell tabled an amendment to the Bank of England Bill. If Mr Carswell’s amendment is successful, a commission would be set up.

A Money Commission is a critical next step to bring about a money system which works in the interests of society and the wider economy.

We now have the chance to make our case to more MPs: the monetary system is contributing to major social and economic problems like inequality, the housing crisis and financial instability, and there’s an urgent need for greater scrutiny of the Bank of England’s decisions.

As of this morning, an incredible 1,444 of you had emailed your MPs to ask them to support the amendment. This means that the large majority of MPs have been contacted.

But we need to keep the pressure up.

If you have already emailed your MP, can you share the campaign on Facebook and Twitter?

The monetary system isn’t a common topic of concern for constituents. For many MPs, this will be the first time it’s been raised with them since the election.

What happens next?

In coming days or weeks, the next stage of the Bill – the report stage – will be scheduled. We are unlikely to know until shortly before it happens. As soon as we get confirmation of when the amendment will be debated, we’ll let you know. We will need to renew the pressure and ask MPs to attend the debate.

When the debate takes place, MPs who support the amendment will have the chance to make the case for a money commission. We’ll try and line up as many MPs as possible. Afterwards, a minister will respond on behalf of the government. If the minister opposes the amendment, it’s unlikely to pass, and Douglas Carswell may choose to withdraw it. If the minister supports it, MPs will likely vote to include the amendment as part of the bill, and a money commission will be set up.

Will there be a vote?

After the sponsors of the amendment have spoken in favour of it, a minister will respond on behalf of the Government. If the minister indicates that the Government opposes the amendment, the sponsoring member may choose to withdraw it if it has little chance of success. But it’s a good chance to raise issues on the floor of the house nonetheless.

Will there be another opportunity to table an amendment?

Not on the Bank of England Bill; the report stage is the last point at which amendments can be tabled. That’s why it’s so critical that as many Positive Money supporters as possible take action right now.  Please email your MP if you haven’t already. Spread the word on Facebook and Twitter.

If we’re not successful this time, we’ll be looking for other opportunities to make the case for a Money Commission, but this is an opportunity we should make most of now.

More info:

You can find out more about the Money Commission in our briefing and a this blog post.

Briefing: amendment to the Bank of England and Financial Services Bill

Amendment on the House of Commons website