The Treasury Committee has today published a report following the pre-commencement hearing it held with the next Governor of the Bank of England, Dr Mark Carney, on 7 February 2013.
During the hearing, Dr Carney offered his views on the UK’s future monetary policy framework. The Treasury Committee will report its conclusions, based in part on Dr Carney’s evidence, in its forthcoming Report on the Budget.
Mr Andrew Tyrie MP comments:
The Bank of England has taken on a wide range of new powers. Significant structural and cultural change is underway. Dr Carney will be responsible for overseeing it.
In evidence to the Committee, Dr Carney set out his preference for a consensus-based approach to leadership; this will be significant if it leads to a meaningful change of culture within the Bank.
The Committee wishes Dr Carney every success for his term as Governor. He will bring a wide range of skills and a great deal of experience to the role.
Dr Carney’s appearance before the Treasury Select Committee has set an important precedent.
No previous Governor of the Bank of England has been subject to such a rigorous pre-commencement hearing. In future, they will be.