Sounds great. I have a doubt though. What is and, more importantly, what would be the status of the Bank of England under this reform? I mean, as far as I know it is a private institution (shareholders etc)
EDIT: this is the case for the Fed, not the BoE. So I guess it would be a matter of discussing the BoE level of 'independence' ?
But wait a minute, does the goverment borrow money from the BoE at an interest? I am confused.
from the link:
''restore the right to create the nation’s money to a public agency of the state (the Bank of England under the direction of the Monetary Policy Committee)''