Recommendation 8

The expansion of the Bank’s remit has led to a rise in the Bank’s headcount and to an expansion of its management structure, resulting in four Deputy Governors and a significant number of Executive Directors. This expansion, particularly in relation to regulation, risks downplaying the importance of monetary policy amongst the leadership and staff of the Bank. We recommend that the Bank’s management structure be reconsidered, with a focus on whether it could be made more streamlined.