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Require Gov’t funded bodies to lodge cash in the Bank of England

Comment 6th July 2010

It astonishes me that while the national government borrows money, local councils all over the country have been lending money to Icelandic and other banks, who naturally earn a 'spread' on relending it to others. Surely all tax-payer/government funded bodies (including the BBC, for example) should be required to invest their surplus funds with the Bank of England? This would reduce risk to the tax-payer and reduce cost to the goverment – and so to the tax-payer. The wasteful duplication of treasury department activities throughout the UK could be be eliminated at a stroke.

Why does this matter?

More secure location for public funds until they are spent

Lower cost government borrowing

Reduced cost of Treasury function in funded bodies, eliminates duplication

Joined up government!

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