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 and Financial Stability Report at which Monetary Policy Committee (MPC) and Financial Policy Committee (FPC) members give evidence
- Through appointment hearings for new MPC and FPC 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/ FPC appointments but it does report to Parliament on its assessments of appointees.
From 1998-2001, the House of Lords Select Committee on the Monetary Policy Committee of the Bank of England was appointed to consider the operation of the MPC. Following the Select Committee’s conclusion, the House of Lords Economic Affairs Committee was appointed. Although this Committee has a wide ranging policy remit, it announced that it would continue to monitor the MPC and the monetary policy framework.
Click on the related and external 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 and financial stability that is the principal feature of the relationship.