Tuesday, 8 November 2011

UK: Accountability of the Bank of England - Treasury Committee report published

The House of Commons Treasury Select Committee published its report Accountability of the Bank of England today: see here or here (pdf). Additional written evidence has been published separately: see here or here (pdf). The Committee argues that the governance of the Bank of England needs to be strengthened and its accountability increased. Various recommendations are made in this regard, including changes to the Bank's Court of Directors and the suggestion that in times of financial crisis, where there is a material risk to public funds, the Chancellor should have a limited power to direct the Bank.

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