MPs urge name change at the Bank of England

UK - Did you hear the one about the Scotsman, the Welshman, the Ulsterman and the Bank of England? The Scotsman newspaper reports on Thursday that the Bank of England was infact founded by a Scotsman and that the word "England" is inappropriate in the name.
UK - Did you hear the one about the Scotsman, the Welshman, the Ulsterman and the Bank of England? The Scotsman newspaper reports on Thursday that the Bank of England was infact founded by a Scotsman and that the word "England" is inappropriate in the name.

More than 300 years after it was founded by Scotsman William Paterson, another Scot is demanding that the Bank of England changes its name to something more reflective of the United Kingdom.

Jim Sheridan, the Labour MP for Renfrewshire West, is supported by 28 of his parliamentary colleagues, including the Welsh MP, Kevin Brennan, and the Ulster Unionist, Roy Beggs.

In his Commons motion, Mr Sheridan calls on the House to note "the unifying and long-term benefits of changing the name to the UK Central Bank".

"The Bank of England touches our lives throughout the United Kingdom and, as such, it should be reflected by its name," said Mr Sheridan, who has raised the matter with Sir Eddie George, the Bank's governor.

Although the Bank's 2002 annual report recommended a similar change, Sir Eddie is reported to be against the idea, claiming the title is too valuable a brand to drop.

A spokesman for the Bank of England said: "The name relates to its original charter of 1694. The name is well established nationally and internationally.

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