Tripartite Economic Affairs Committee Act 2021

2021 CHAPTER 25

An act to establish a committee to oversee financial and economic affairs and communicate between Parliament and the Bank of England, composed of MPs and appropriate leaders in industry and unions, which will seek to recommend Parliament on action to take in response to economic happenings.
Bill ID B096
Author(s) Jasper Moss OOBC MP
Amended by TBC
First reading 2021 September 22
Royal assent 2021 October 2
Commencement 2021 October 2
Affected legislation N/A

Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

1 Purpose

This act seeks to establish a Parliamentary and extra-Parliamentary committee supervising the actions of the Bank of England. The committee would be responsible for carrying out impartial reports, maintaining and developing communication between Parliament and the Bank of England, and recommending impartial economic measures based on reports carried out.

2 Enactment

  1. A committee shall be formed, comprising of a number of MPs and industry leaders.
  2. The committee shall be named the Tripartite Economic Committee.
  3. The composition will be, as closely as possible:
    1. 1/3 Parliamentary, of which:
      1. Under normal circumstances:
        • 1/3 Government
        • 1/3 Opposition
        • 1/3 Other Opposition
      2. If there is no Other Opposition, the composition will be, as closely as possible:
        • 1/2 Government
        • 1/2 Opposition
    2. 2/3 Extra-Parliamentary, of which:
      • 1/2 Representatives chosen by the Trades Union Congress
      • 1/2 Representatives chosen by the Confederation of British Industry
  4. HM Government will communicate with the TUC and CBI to organise selection.
  5. The committee will be tasked with the following, all in coöperation with the Bank of England:
    1. Carrying out, or commissioning others to carry out, on a quarterly basis in line with the financial calendar, reports detailing the economic state of the country
    2. Meeting regularly to discuss the results of said reports
    3. Voting internally on recommendations to be made to Parliament on actions to be taken regarding the results of said reports.
    4. Communicating recommendations to Parliament and HM Government, in coöperation with both the Chancellor and Secretary of State for Economic Affairs and their respective departments.

3 Short Title, Commencement, and Extent

  1. This act applies to Great Britain and Northern Ireland.
  2. This act may be cited as the Tripartite Economic Committee Act.
  3. This act comes into force upon royal assent.