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

The debate about the accountability of the Bank of England within the new financial regulatory framework continued today with the publication by the Treasury Committee of a report - see here - regarding the suggestion last week from the Court of the Bank of England that an Oversight Committee, a sub-committee of the Court, should be created. The Treasury Committee has concluded, amongst other things, that the role of the Bank's proposed Oversight Committee "would be so heavily circumscribed that it could not be relied upon to provide adequate scrutiny".