Lords to hear from former Chancellor and Shadow Chancellor on the Bank of England
On Tuesday 25 April, 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:
- The Rt Hon George Osborne, former Chancellor of the Exchequer
- The Rt Hon Ed Balls, former shadow Chancellor of the Exchequer
Topics the committee is likely to cover in this session:
- Assessing how operational independence is working;
- A discussion on the scrutiny of the Chancellor’s annual remit letters;
- The Bank’s independence and credibility in light of Quantitative Easing and the fight against inflation;
- Reviewing the separation and working practices of fiscal and monetary polices;
- Cooperation between international central banks and regulatory bodies to pre-empt financial instability;
- The efficiency of current mechanisms to hold the Bank to account, and to scrutinise its operations; and
- The Bank’s structure and appointments process.
Meeting details
The committee’s work can be followed on its website and via Twitter.
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.