UK: financial regulation reform - the accountability of the Bank of England

The accountability of the Bank of England within the new financial regulatory framework being introduced in the UK has received much attention, with recommendations being made by the Treasury Committee and the Joint Parliamentary Committee formed to conduct pre-legislative scrutiny of the Financial Services Bill: see, respectively, here and here. The Court of the Bank of England yesterday responded to these recommendations - see here (pdf) - and suggested, amongst other things, that an oversight committee, a sub-committee of the Court, should be created.