The inquiry will examine whether the Financial Services Authority has “adequate” governance structures in place and how it is held accountable for its actions.
Moscow, March 3 (Sputnik) – The UK Parliament has launched an independent review process for the Bank of England (BoE), marking the 25th anniversary of the passing of the law that gave the central bank the power to set interest rates.
The House of Lords Economic Affairs Committee called for written submissions to examine “how operational independence works” for the BoE. He will hold a formal meeting on March 7.
The panel said the inquiry will focus on the BoE’s mandate and not assess individual policy decisions. It will examine whether the fiscal authority has “adequate” governance structures and how it is held accountable for its actions.
The committee did not review any reasons other than the anniversary of the Bank of England Act 1998, but Conservative politicians repeatedly questioned the central bank’s independence last year, suggesting it could be cut to allow the government to better control inflation.
The BoE’s operational independence allows it to choose how to achieve the inflation target set by the government. He raised interest rates for the 10th time in February since the end of 2021, raising borrowing costs. The next interest rate decision is scheduled for March 23.
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