Bank of England Governor faces questions from MPs for the first time since general election

The session will focus on the Bank’s most recent Monetary Policy Report and the recent decision to reduce the Bank Rate by 0.25 percentage points to 4.75%.  

As well as Andrew Bailey, MPs will hear from new member of the MPC, Professor Alan Taylor, in order to probe his approach to monetary policy. The other two witnesses will be the Deputy Governor for Monetary Policy, Clare Lombardelli, and Dr Catherine Mann.  

MPs are likely to ask witnesses about the current economic picture and how it affects the Bank’s interest rate decisions, particularly in relation to the measures announced in the Chancellor’s 2024 Autumn Budget.  

MPs may also choose to probe the Bank’s plans for unwinding its QE portfolio and the most recent pay and jobs figures, including the continued issues with the reliability of official data. 

From December 2021 to August 2023, the MPC raised Bank Rate at each meeting in response to rising inflation rates, reaching 5.25% - the fourteenth-consecutive increase. First in August and then November this year, the MPC voted to cut Bank Rate to its current level. 

Witnesses

• Andrew Bailey, Governor of the Bank of England 
• Clare Lombardelli, Deputy Governor for Monetary Policy, Bank of England 
• Dr Catherine L. Mann, External member, Monetary Policy Committee, Bank of England 
• Professor Alan Taylor, External member, Monetary Policy Committee, Bank of England 

Further information

• Treasury Committee
• About Parliament: Select committees

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