The Character and the Significance of the Bank of England Act 1946 (2)

DOI IR HANDLE Web Site Open Access

Bibliographic Information

Other Title
  • イングランド銀行国有化法 (1946年) の性格と意義 (2)
  • イングランド ギンコウ コクユウカホウ(1946ネン)ノ セイカク ト イギ(2)

Search this article

Abstract

The Bank of England, UK's central bank, was nationalised by the Bank of England Act 1946 under Attlee's Labour government. But the nationalisation scarcely changed the relation between the Bank and the government, except for the transfer of the ownership to the Treasury. Actually the Bank had become subordinate to the Treasury since around WW I,especially since 1930s. From then on, it was the Treasury that decided on questions of high policy, although the Treasury usually consulted the Bank. In other words, the Bank had already lost "goal independence" before the nationalisation , and had only hold "instrument independence". Therefore it is cogent to say that the nationalisation of the Bank just approved the existent relationship by statute, and could not be assumed to be a case of socialist nationalisation of basic industries. But then, what significance did such legislation have? In fact, this legislation kept the Bank's position as "the guardian of the City", and that have had the great meaning to pound sterling and financial institutions in the City after WWII. In addition, the nationalisation Act 1946 indicates the real function of the Bank of England Act 1998.

Journal

  • 経済科学

    経済科学 60 (1), 1-15, 2012-06-30

    名古屋大学大学院経済学研究科

Related Projects

See more

Details 詳細情報について

Report a problem

Back to top