A new Economic Affairs Committee enquiry is looking at how BoE has worked in the 25 years since the Bank of England Act 1998 gave it independence and reformed its structure, responsibilities and functions. The Committee is seeking particularly to look at the BoE’s role and remit, its governance structures and its accountability. It is looking to answer the 10 specific questions, including:
- whether the statutory framework is defined appropriately and whether any revisions to the BoE’s role, statutory objectives and remits have affected its performance and operations;
- the role of secondary objectives;
- whether the relationship between BoE and Treasury has worked well in practice and is still appropriate;
- is the role of the Court of Directors adequately defined and does it function appropriately;
- do the appointments processes for the key committees and the Court provide for appropriate degrees of expertise, challenge and range of thought;
- is the balance right between accountability and independence; and
- if there effective scrutiny and accountability on delivery of the BoE’s objectives.
The Committee invites written evidence by 13 April.