The Bank’s relationship with Parliament
As
a public organisation, wholly-owned by Government, and with
a significant public policy role, the Bank is accountable to
Parliament. The Bank’s Annual Report and Accounts are
laid before Parliament each year before they are made available
publicly.
The principal means of accountability for the Bank is via the House of Commons Treasury Committee.
- Through regular hearings on the Bank’s Inflation Report at which Monetary Policy Committee (MPC) members give evidence
- Through appointment hearings for new MPC members in order to satisfy itself that they meet the criteria of professional competence and independence
The Treasury Committee has no statutory power of veto on MPC appointments but it does report to Parliament on its assessments of appointees.
In 2001 the House of Lords appointed the Select Committee on Economic Affairs following the conclusion of the work of its predecessor, the Select Committee on the Monetary Policy Committee of the Bank of England. Although this Committee has a wide-ranging remit, it announced that it would continue to monitor the MPC and the monetary policy framework.
Click on the links to find out more about the UK Parliament, details of committee hearings and publications.
While the Bank appears before other select committees from time to time on a number of different issues, it is its engagement with committees of both Houses on monetary policy that is the principal feature of the relationship. The key piece of legislation is the Bank of England Act 1998.
Contact: parliamentaryaffairs@bankofengland.co.uk