Subject/Request Details: Do the members of the Monetary Policy Committee who have mortgages declare a financial interest before voting each month?
Date: 23 November 2017
The Monetary Policy Committee (‘MPC’) currently meets eight times a year, not monthly, to set the interest rate. These changes follow the recommendations of the Warsh Review and are set out in the Bank of England and Financial Services Act 2016.
Members of the MPC are required under the ‘MPC Conflicts of Interest Code of Practice’ to disclose assets and liabilities on an annual basis, and to obtain permission for certain financial transactions before they are entered into.
The Bank’s Code of Conduct, known as ‘Our Code’, which includes a requirement to declare and seek approval for certain personal financial matters, is applicable to all Bank employees, including members of the MPC.