This petition was submitted during the 2015-2017 parliament
Rejected petition Open the Bank of England to take deposits, provide loans and mortgages.
The biggest single financial burden to people in the UK is debt from Credit Cards, Mortgages and Loans. In order to reduce this burden massively the Bank of England should be released to act as a bank. Giving mortgages at 1%, loans at 2% and providing 3% for interest on deposits and 4% credit cards.
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This will reduce the majority of profit going in to companies that have proven to fail and avoid taxation. Create an income stream for the UK in interest. Increase house buying by making mortgages more affordable. Increase retail spending with the extra money being saved from repayments. Increase spending on travel for holidays. Improve wellbeing and stress from trying to meet payments. Reduce the ability for banks to hold the taxpayer to ransome because they "Can't be allowed to Fail"?
This petition was rejected
Why was this petition rejected?
It’s about something that the UK Government or Parliament is not directly responsible for.
The issue you raise is not the responsibility of the Government or Parliament. The internal functions of the Bank of England are the responsibility of the Bank's Court of Directors, which is independent from the Government.
You could start a new petition asking for the Government to assume complete governance of the Bank of England, thereby giving the Government control over the Bank's internal functions.
We only reject petitions that don’t meet the petition standards.