"Nice 1866 legislation mention here:
"Neil Wilson
Thursday, November 26, 2020 at 18:26
“They should tell the British people how the Treasury actually spends – that is, that it instructs the Bank of England to type numbers into bank accounts on its behalf”
Specifically...
"Neil Wilson
Thursday, November 26, 2020 at 18:26
“They should tell the British people how the Treasury actually spends – that is, that it instructs the Bank of England to type numbers into bank accounts on its behalf”
Specifically...
under the authority of section 15 of the Exchequer and Audit Departments Act 1866 legislation.gov.uk/ukpga/Vict/29-…
(There’s also section 13 which authorises “Standing Services” – which would likely be the legal source of Job Guarantee wage payments).
“(1) This section applies in respect..
(There’s also section 13 which authorises “Standing Services” – which would likely be the legal source of Job Guarantee wage payments).
“(1) This section applies in respect..
of sums which Parliament has authorised, by Act or resolution of the House of Commons, to be issued out of the Consolidated Fund.
(2) The Comptroller and Auditor General shall, on receipt of a requisition from the Treasury, grant the Treasury a credit on the Exchequer account...
(2) The Comptroller and Auditor General shall, on receipt of a requisition from the Treasury, grant the Treasury a credit on the Exchequer account...
at the Bank of England (or on its growing balance).
(3) Where a credit has been granted under subsection (2) issues shall be made to principal accountants from time to time on orders given to the Bank by the Treasury.”
Note there is no legal option for the Bank to say “no”."...
(3) Where a credit has been granted under subsection (2) issues shall be made to principal accountants from time to time on orders given to the Bank by the Treasury.”
Note there is no legal option for the Bank to say “no”."...
@threadreaderapp please unroll
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