Select committee: Economic Affairs Committee
Conclusion 18
1st Report - Making an independent Bank of England work better
Published 27 Nov 2023
Paragraph 171
Economic Affairs Committee Bank of England: how is independence working? All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Conclusion (the committee's words)
Impartial, independent analysis of the Bank’s performance should help build confidence in the Bank and enable it to be held to account by Parliament and others. The Independent Evaluation Office’s (IEO) remit is to scrutinise the performance of the Bank and we have received evidence that the IEO is both professional and has exemplary capabilities. However, its perceived independence is undermined by the fact it is located within the Bank, its staff are drawn from the Bank, albeit with some external experience; and its work is commissioned by the Bank’s Court of Directors. This underscores the need for Parliament to conduct a review of the Bank’s performance every five years.
From: Economic Affairs Committee, 1st Report - Making an independent Bank of England work better, paragraph 171, 27 November 2023
Government response
A response document is linked to this report, dated 7 February 2024. Response attribution to this conclusion has not been verified. Read the response document ↗