Is the Bank of England asked to do too much?
On Tuesday 28 March, the Economic Affairs Committee holds its next oral evidence session for its inquiry on the Bank of England: how is independence working?
At 3pm, the Committee will hear from Sir John Vickers, former Chief Economist at the Bank of England.
Topics the committee is likely to cover in this session:
- What is working well with regards to the Bank’s operational independence; and what needs improvement;
- Whether the Bank is being asked to do too much;
- The Chancellor’s annual remit letters;
- The growth of Quantitative Easing and its impact on the independence of the Bank;
- The transparency of the Financial Policy Committee’s and Prudential Authority’s work;
- Parliamentary scrutiny of the Bank in the interests of the general public; and
- An in-depth assessment of the organisation and culture of the Bank.
Meeting details
2023 marks the 25th anniversary of the Bank of England Act 1998. This Act gave the Bank of England its independence and reformed the structure, responsibilities and functions of the Bank.
The Economic Affairs Committee is launching an inquiry to examine how operational independence is working. It will focus on the Bank’s role and remit; whether the governance structures of the Bank are appropriate; and how the Bank is being held accountable for its actions.
It will not look at individual policy decisions that the Bank has taken.
The committee’s work can be followed on its website and via Twitter.