The Bank is principally accountable to the House of Commons Treasury Committee through:
- regular hearings on the Bank’s Inflation Report and Financial Stability Report with Monetary Policy Committee (MPC) and Financial Policy Committee (FPC) members
- and appointment hearings for new MPC and FPC members to assess their professional competence and independence
Following the appointment hearing, the Treasury Committee publishes a report of its assessment of each MPC and FPC appointee. The reports are made publicly available on the Treasury Committee website. The board of the Prudential Regulation Authority (PRA) – the Bank subsidiary regulating individual financial institutions – is also accountable to Parliament. PRA board members also appear before the Treasury Committee.
The House of Lords Economic Affairs Committee occasionally holds hearings with Bank officials on monetary policy and financial policy.
Click on the related and external links to find out more about the UK Parliament, details of committee hearings and publications.
Whilst the Bank appears before other select committees from time to time on a range of issues, it principally engages with committees of both Houses on monetary policy and financial stability.