Bank of England Bill

Bank of England Bill.

The government has put forward plans to introduce new legislation that will give the bank more powers and enable it to push forward reforms these include a reduction in the number of monetary policy meetings, no-one likes meetings just for the sake of it, and it appears the bank are no different!

The Bill is constructed to enhance the banks strength on how it governs and to improve accountability.

At present the monetary policy committee meets once a month, this will be cut to eight meetings per year, further changes are that the financial policy makers will hold joint meetings with the monetary policy makers four times a year.

Critics have raised concerns that reducing the number of meetings will have a knock on effect in the money markets.

The changes come about following the Warsh review, and brings the bank in line with the American model and the European central bank who changed to the new system recently, the changes should also see an improvement in the speed at which the bank reports.

The bank seem to be keen for change as they plan to trial the new format from June’s meeting, the move to greater transparency since the problems in 2008 can only be welcomed.

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