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Mc “Exchange” Taking a “More Complex Position” (CAPITALIST) to a Workers Control

John McDonnell confirms Bank of England

would stay independent under Labour

as he calls for higher pay for striking workers

I’m City A.M.’s economics reporter writing about the trends that shape markets 
Tuesday 1 August 2017 3:19pm



Shadow chancellor John McDonnell attended the strike at the Bank of England (Source: Jasper Jolly)

Shadow chancellor John McDonnell has reiterated his stance that a Labour government

would not strip the Bank of England of its independence as he called for governor Mark Carney 

to increase his pay offer to striking workers.


Speaking to City A.M. at a picket line by striking workers outside the Bank,

McDonnell said: “The Bank of England will maintain its independence

but what I’d be expecting Mark Carney to do, not just when I take over, but today,

is to accept that the pay cap is not working.”


In the past the Labour leadership has raised the possibility

of taking control of setting interest rates from the Bank of England

as well as “people’s quantitative easing”.


However, in October last year he committed to keeping the bank “sacrosanct”.


Read more: What’s helicopter money – and could it save the world?


There will be no changes to the Bank of England if he is chancellor,

McDonnell said. Labour would aim to find a like-for-like replacement for Carney, he added.


He said: “I’ve worked extremely cooperatively with Mark Carney

and I think he’s the sort of calibre of person that we want in the future.”


Carney is due to leave the Bank in at the end of June 2019, after joining in November 2012.


The governor has been forced to contend with the first strike

on Threadneedle Street in 50 years –

and the first since Labour chancellor Gordon Brown made the Bank independent in 1997.


Read more: Bank independence 20 years on: Let’s hear it for the unsung heroes


Workers in the security, maintenance and hospitality functions

at the Bank are pushing for an increase in their pay

after what they describe as a “derisory” pay offer.


The Bank of England currently abides by the Treasury’s public sector

pay cap of one per cent per year, although it technically

has the ability to raise pay for its workers without government approval.


Gail Cartmail, assistant general secretary at Unite the union,

said the workers rejected the Bank’s move in “imposing a deal

without even consulting our membership”.


Read more: Bank of England staff to protest on Threadneedle Street in row over pay

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