The Queen has vast secret Bank of England shareholding
tony at cultureshop.org.uk
Tue Jun 12 02:08:49 BST 2012
At last making some real headway with this vexing
question of who owns the shares of the Bank of England.
This ain't nationalisation ma'am!
2 Extracts from
WAR OF THE WINDSORS
A Century of Unconstitutional Monarchy
By Lynne Picnett, Clive Prince and Stephen Prior
With additional historical research by Robert Brydon
Mainstream publishing 2003
1 84018 766 2
THE BANK OF ENGLAND NOMINEES
In early 1973 new legislation governing the
ownership of shares was proposed by the Heath
Government. This would force stockbroking
companies to disclose the names of the
individuals on whose behalf they bought shares
(to prevent them gaining a controlling interest
in a company by buying shares in several
different names). The Queen was concerned that
this would mean that details of her private
investments would be made public, which would
allow her personal wealth to be calculated -
which the royal family had always strenuously
avoided - and asked her Private Secretary, Sir
Martin Charteris (who had succeeded Sir Michael
Adeane in 1972), to express her anxiety to Edward Heath.
The legislation was delayed, but eventually
became law - under Labour in 1976 as the
Companies Act. However, a special clause was
included that exempted a new shareholding
company, Bank of England Nominees. This was
established with the purpose of handling
investments solely on behalf of heads of state
and their immediate families. This allowed the
Queen's investments and those of her family -
along with those of other heads of state, such as
the Sultan of Brunei, who were quick to take
advantage of the exemption - to be effectively
concealed. Extraordinarily, not even the
Chancellor of the Exchequer is permitted to know
about the Queen's personal investments.
Andrew Morton writes:
The result of this legislation has been to cocoon
further the royal finances in a web of mystery.
Journalists who delve into dusty share registers
find the impenetrable phrase 'Bank of England
Nominees' staring back at them when they try to
find a hint of royal investment in a company.
The justification for the clause was that public
knowledge about where the Queen invested her
money might influence the market. However, that
this was just an excuse is revealed by a memo
sent from the Palace to the Government saying
that it is 'to be congratulated on a neat and
defensible solution'. In other words, the Palace
were pleased that the Government had come up with
a way of justifying the secrecy.
........Thanks to the legal privileges she enjoys
- such being able to hide her investments behind
the screen of the Bank of England Nominees - the
Queen's personal wealth is literally
incalculable. There is no information available
to enable it to be calculated with certainty,
although a recent analysis by the Independent
estimated Elizabeth II's personal fortune to be
around £175 million. Of course, the question can
fairly be asked why her subjects need to know
about her private means, which are quite separate
from the government funds intended to pay for her
expenses as Head of State. But the distinction is
not always clear: for example, although the
estates at Balmoral and Sandringham - acquired in
Victoria's reign - are said to be the Queen's
private property, there is evidence that Victoria
and Albert acquired them at least partly with
money diverted from the Civil List, in which case
surely the state has a claim on them? And when
these houses are occupied they are paid for by
the taxpayer, on the grounds that wherever the
Queen is she is always the Head of State.
What of the Royal Collection - the works of art
that according to one estimate are worth around
£7 billion, and which contain three times as many
paintings as the National Gallery? In theory the
Queen holds all these 'in trust' for the nation;
in practice she alone possesses them, while they
remain largely unseen by the rest of us (at
anyone time, less than a half of a per cent of
the collection is on public display). There is
also the very vexed question of the 'grace and
favour' properties, paid for the state but occupied by......
WAR OF THE WINDSORS
1. 'A Kingly Caste of Germans'
2. 'The People's Prince'
3. 'Christ! What's Going to Happen Next?'
4. 'A Kind of English National Socialist'
5. 'The Most Unconstitutional Act'
6. 'The End of Many Hopes'
7. 'The House of Mountbatten Now Reigns!'
8. 'That German Princeling'
9. 'In Spite of Everything, He was a Great Man'
10. 'After All I've Done for this F-ing Family'
11. 'There are Powers at Work in This Country
About Which We Have No Knowledge'
Notes and References
+44 (0)7786 952037
"Capitalism is institutionalised bribery."
"The maintenance of secrets acts like a psychic
poison which alienates the possessor from the community" Carl Jung
Fear not therefore: for there is nothing covered
that shall not be revealed; and nothing hid that
shall not be made known. What I tell you in
darkness, that speak ye in the light and what ye
hear in the ear, that preach ye upon the housetops. Matthew 10:26-27
Die Pride and Envie; Flesh, take the poor's advice.
Covetousnesse be gon: Come, Truth and Love arise.
Patience take the Crown; throw Anger out of dores:
Cast out Hypocrisie and Lust, which follows whores:
Then England sit in rest; Thy sorrows will have end;
Thy Sons will live in peace, and each will be a friend.
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