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Mr. Nicholas Budgen, supported by Sir Terence Higgins, Mr. Richard Spearing, Mr. John Watts, Mr. Giles Radice, Mr. A. J. Beith, Sir Thomas Arnold, Mr. Barry Legg, Mr. Brian Sedgemore, Mr. Quentin Davies and Mr. Nigel Forman, presented a Bill to amend the Bank of England Act 1946 so as to remove the general power of the Treasury to give directions to the Governor of the Bank; to establish price stability as the primary objective of the Bank and to provide for policy targets for the carrying out of this objective; to enable the Treasury to override
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this primary objective in certain circumstances; to make provision as to the annual report of the Bank; and for connected purposes: And the same was read the First time; and ordered to be read a Second time upon Friday 28 January, and to be printed. [Bill 10.]