The writers of the Bank of England Act 1694 had the intention
to avoid the serious oppression of Their Majesties’ subjects.
Hence they didn’t allow the Corporation to trade. Should it trade after all, it would have to pay as punishment:
treble the value of the trade.
In theory, this means that the BoE would have to pay the Treasury treble the value of all national and public debt bonds!
Will MPs appreciate this when they debate ‘money creation and society’ this Thursday as part of Backbench Business?