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Bank of England operational independence: Andrew Bailey to give evidence

Monday 12 June 2023

At 3pm on Tuesday 13 June the House of Lords Economic Affairs Committee will be taking evidence from the Governor of the Bank of England, Andrew Bailey.

This evidence session, which is open to the public, will be held in Committee Room 3 of the House of Lords. It will also be streamed live on Parliament TV.

Topics the committee is likely to cover in this session include:

  • Successes and failings since 1998 of an operationally independent Bank of England.

  • Main challenges faced by the Bank when looking to meet the price stability objective as set within the current framework.

  • Whether the Bank, and central banks in general, have fallen victim to groupthink and/or poor models.

  • Complexity of the Bank’s remit and the management of trade-offs between its primary and secondary objectives.

  • The extent to which financial stability and price stability can be regarded as separate areas for consideration.

  • Necessary changes to the current size, composition and structure of the Bank’s policy committees.

More about this inquiry

2023 marks the 25th anniversary of the Bank of England Act 1998. This Act gave the Bank of England its independence and reformed the structure, responsibilities and functions of the Bank.

The Economic Affairs Committee has launched an inquiry to examine how operational independence is working. It will focus on the Bank’s role and remit; whether the governance structures of the Bank are appropriate; and how the Bank is being held accountable for its actions.

It will not look at individual policy decisions that the Bank has taken.

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