The Economic Secretary to the Treasury, Harriett Baldwin, opened the debate. Shadow Minister for the Treasury, Richard Burgon, responded on behalf of the Opposition.
The Bill passed Second Reading on division (Division 180, Ayes 292 votes, Noes 257 votes). The Bill will now be considered by a Public Bill Committee.
Summary of the Bank of England and Financial Services Bill
A Bill to make provision about the Bank of England; to make provision about the regulation of financial services; to make provision about the issue of banknotes; and for connected purposes.
Progress of the Bill
The Bill was introduced to the House of Lords on 14 October 2015. It completed its Lords stages on 19 January 2015 and was introduced to the Commons with first reading on 19 January 2015.
Keep up to date with all the proceedings and documentation, including amendment papers, on the Bank of England and Financial Services Bill and find out how a bill becomes an Act of Parliament.
House of Commons Library analysis
The House of Commons Library produces briefing papers to inform MPs and their staff of key issues. The papers contain factual information and a range of opinions on each subject, and aim to be politically impartial.
The Library has published a briefing paper for second reading.
What happens at second reading?
At second reading the House debates the whole principle of the bill. It usually takes place no sooner than two weekends after first reading.
The Member in charge or the Minister moves the motion 'that the bill be now read a second time'. MPs then debate the bill. At the end of the debate the Speaker determines whether there are any objections to the motion being debated and asks for the Ayes and Noes.
Members voice their opinion, and if no objections are made, the bill passes second reading without a vote. If the Speaker believes Members have voiced disagreement, a division is called and a vote taken.
What happens after second reading?
The Bill will now be considered by a Public Bill Committee. MPs agreed a programme motion which schedules the Public Bill Committee to conclude by Tuesday 23 February 2016, although it could finish earlier.
The programme motion also schedules the report and third reading stages to take place over one day.
Watching proceedings from the public gallery
UK residents and overseas visitors can watch proceedings in the House of Commons by visiting the public gallery.
This article was produced by the Commons Digital Outreach Team. Follow the @HouseofCommons on Twitter for updates on the UK House of Commons Chamber.