Submit your questions and ideas now for Chief Operating Officer Jo Place
Our Chief Operating Officer Jo Place will be answering your questions on 27 November at 4:00pm.
Submit your own ideas under the Bank to the Future section and post your questions in the comment section below. Jo will answer as many as possible during the session and looks forward to chatting with you all.
edited on Nov 16, 2018 by Future Forum
Ramblingsofabard 3 months ago
IMF has come up with a bold statement that central banks should consider issuing their own cryptocurrencies (https://www.theguardian.com/business/2018/nov...yptocurrencies). The BoE has published a paper on the assessment of CBDC before as well. Consider a future where central banks issue a digital currency and does the back end settlement, financial firms provide the customer interaction, are we expecting places like the BoE to become the next biggest powerhouses to support such an infrastructure?
Dan Hinge 3 months ago
To what extent does the Bank of England account for climate change and other environmental, social and governance criteria in managing its reserves/other asset portfolios (e.g. corporate bond purchase programme) at present? What about the collateral framework?
Should the BoE be doing more on this front?
Robert Taggart 3 months ago
For a whole decade savers have been shafted.
Rob Macquarie 2 months ago
Hello there, I'd like to submit two questions please:
1. The Bank of England has shown great initiative in the field of climate change and financial risk, including through the Network for Greening the Financial System. But it is yet to recognise publicly that these concerns apply to its own policies, including asset purchases and collateral frameworks. Does the Bank have plans to incorporate concerns over climate risk into its monetary policy operations?
2. The IPCC special report on limiting warming to 1.5 degrees was a game changer in terms of the scale of the climate challenge and its wide-ranging impact on all sectors of the economy. In your opinion, will the Bank need to adopt new monetary tools, such as conditional reserve requirements or green asset purchases, to ensure policy remains effective?
Thank you.
Simon Youel 2 months ago
As the Bank of England rightly recognises, the climate crisis is a huge threat to financial stability. Disclosure of climate risk by firms regulated by the Bank will be a crucial first step in decarbonising finance and thus the wider economy, so it should not be delayed or made optional.
If, as Sarah Breeden claimed in her evidence to the Environmental Audit Committee, the Bank believes the market needs time to provide specific information, does the Bank expect to introduce a regime of mandatory disclosure at some point in the future? Is there not a case for publishing that expectation as an incentive for financial companies?
Moreover, should the Bank of England not set an example for firms to follow by disclosing the climate risks on its own balance sheet?
Paul Gibbon 2 months ago
Though it may be difficult to equate or indeed believe from the defining of a comment in an open forum in today's world with digital domains that can have instant global application with related knowledge and use of these via them in either real or virtual domain; the fact remains that logic over time, when and where logical or applicable, can be used to relate origination and application in relation to them, as the above, for even the most simple of equations, or, the most complex of problems, related to them, as above.
Should that be the case, then human behavior, psychology, morals and ethics, should then be prerequisite in determining any policy or protocol for potential future use or application in relation to them, and the above, in relation to the race and it's continuing evolution and problem solving abilities in tackling universally identified problems that can be related to them in future use or application; otherwise, whilst history can be learned from, future proofing can not be, and thus only accounted for, beforehand.
This equation was as popular in ancient Greece as it is in modern philosophy and critical thinking that can be used to determine any solutions that may need instant understanding, and, or, the ability to weather and carry policy or indeed practical applications in relation to them forwards only, in universal real time relative, when change as a constant, still has the same value, meaning that it can be made both relative to, and of relevance to them either in, or as, a parallel or paradox, at the same time.
As a patriotic British European an citizen of the Commonwealth, it is brilliant to know, and indeed see, that the Bank of England as a bedrock institution, has, through it's world class Knowledge Bank initiative and Future Forums, already proven itself in role and in relation to it's role, and the above, to be light years ahead of any other central bank in dealing with wisdom and common sense issues taken in the context of the above in relation to them.
Laura Cleaver 2 months ago
As we are tackling climate change globally, with the Paris agreement being furthered by a planning session in Poland, should we agree how it impacts the economy globally too?
Sabrina Rochemont 2 months ago
Dear governor,
10 years ago, M-Pesa started transforming the lives of millions of the unbanked in Africa. This revolution did not reach the shores of the UK.
QR code payments are now disrupting the payments landscape in Asia, delivering P2P transactions to small businesses, challenging payment processors and enabling financial inclusion.
As such disruption threatens the interests of the established payments ecosystem, how will you make sure that the public interest prevails and the UK market remains competitive and open to such innovations?
The Swiss are investigating the resistance towards Apple Pay and Samsung Pay: https://uk.reuters.com/article/us-swiss-compe...t-idUKKCN1NK0MH
Bridging_the_gap 2 months ago
We hear a lot about green finance, and progress the financial industry needs to make on sustainable financing. But what about the bank's carbon footprint? What is the bank of England doing to go carbon neutral?
OscarWGrut 2 months ago
What is the bank's current thinking around the possibility of a central bank cryptocurrency or token and how seriously has the bank looked at the idea?
In addition, what does the Bank think the financial stability implications of a possible central cryptocurrency?
OscarWGrut 2 months ago
Given that economists like Thomas Piketty and Michael Spence are increasingly talking about the impact of rising inequality on global politics and societies, how much does the Bank think about inequality when measuring stability and sustainability?
Does the bank have a preferred measure of inequality (or even keep track of it)? And what does it think is the best tool to address equality/inequality?
Per Kurowski 2 months ago
Why do regulators believe that what the bankers perceive as risky is more dangerous to our bank systems than what the bankers perceive as safe?
Daniel Burns 2 months ago
BoE, completed a proof of concept in partnership with fintech company ripple in 2017. From what has been released by BoE this was a "useful" exercise. It then goes on to state that the PoC allowed the Bank and Ripple to "begin exploring" solutions for the liquidity challenge, in cross border payments. Can you advise of there is actively on going work in this area, with Ripple and if there is any findings? Can you also advise if there is any further documentation on this work released recently or in the future?
Jo Place 2 months ago
Afternoon all!
I’m looking forward to answering some of your questions. As the Chief Operating Officer I am responsible for all central functions: HR, Finance, Property, Cyber, IT Security, etc. Given this broad range of responsibilities I can give you a different perspective on things at the Bank.
Dick Rodgers 2 months ago
I'm keen to explore with the Bank of England the ownership of the creation of new money ie in whose ownership it is created. It seems to me that, apart for cash and perhaps QE money, new sterling is created by commercial banks and enters circulation as a debt to them of newly created money lent, much of it, to people buying houses. Whereas I think it would be more healthy to have commercial banks trading in money but not creating it and not being allowed to do so. Is the governor able to comment on this.?I broadly agree with the group Positive Money.
Dick Rodgers 2 months ago
I'm not quite sure how this works. Is Governor Jo Place there and is she kindly able to answer my question posted about 5 mins ago?
Daniel Burns 2 months ago
My interest is in settlement speed, cost, inclusion and what that may mean for the global economy. Do you have any thoughts on this that you could share?
Tim Delap 2 months ago
I would be very interested to hear your view of the findings and methodology used in the recent paper from the Sheffield Political Economy Research Institute titled "The UK's Finance Curse? Costs and Processes", by Andrew Baker, Gerald Epstein, and Juan Montecino. Thank you.
Amy Buckingham 1 month ago
This idea has been advanced to the current phase