Independent Evaluation Office

The Independent Evaluation Office (IEO) assesses the Bank of England’s performance. It was established in 2014 to increase public trust in the Bank and improve its openness, learning culture and public accountability.


The IEO is an independent unit that sits within the Bank. It operates at arm’s length from other areas so as not to compromise the independence of the Bank’s policy making. The Court of Directors has a statutory obligation to keep the Bank’s performance under review, and the IEO supports this through its in-depth evaluations. When necessary, the IEO also supports reviews carried out by independent third parties.

The IEO reports directly to the Chair of Court, who sets the IEO’s remit and work programme, typically in consultation with other Court Directors.

If you have any questions or you would like to give feedback on the Independent Evaluation Office’s work, email

Terms of reference for the IEO

The Independent Evaluation Office 2022/3 work programme

In October 2022, Court commissioned the IEO to carry out an in-depth evaluation of how the Bank uses data to support its policy objectives. Work on this evaluation began in late 2022.

The IEO will also be supporting a review, led by Dr Ben Bernanke, of the Bank’s approach to forecasting during times of significant uncertainty. Work on this review began in summer 2023, with findings expected to be published in spring 2024.

Terms of reference for the Bernanke review

Publications by topic

Financial stability

Financial market infrastructure supervision (2017)

Resolution (2018)

Stress testing (2019)

Financial markets

Sterling liquidity (2018)

Monetary policy

Forecasting (2015)

Quantitative easing (2021)

Prudential regulation

Insurance supervision (2017)

PRA’s secondary competition objective (2016)


Research (2019)

Data (2023)

Other evaluations supported by the IEO

Conflicts of interest (2017)

Director of Independent Evaluation

Melissa Davey oversees the Independent Evaluation Office (IEO) which reviews the Bank of England’s performance. She reports directly to the Chair of Court.

Before Melissa moved to the IEO, she led the area of the Bank that oversees the Monetary Policy Report and our regional agency network. She joined us as a graduate in 1998 and has worked in various roles in our Monetary Analysis Directorate. Melissa was a finalist in the 2017 Women in the City Future Leader Awards. 

This page was last updated 17 October 2023