House of Lords Economic Affairs Committee’s conducts Report into the Operational Independence of the Bank of England

10 December 2023

CCLS Professor Rosa Lastra, Sir John Lubbock Chair in Banking Law, had the honour of acting as Specialist Adviser to the House of Lords Economic Affairs Committee’s Report into the operational independence of the Bank of England. The summary published on the UK Parliament website states that the Report concluded that: “operational independence of the Bank of England should be preserved, but reforms are vital to improve its performance; strengthen its accountability to Parliament; and ensure it focuses on its key objectives of tackling inflation and maintaining financial stability.” You can read the full details on the UK Parliament website. Reforms needed to improve the Bank of England’s performance and accountability, says new Lords report - Committees - UK Parliament

The Report, “Making an independent Bank of England work better” which was published on November 27, 2023 has also received ample press coverage, including:

 

• The Guardian - Powerful Lords committee damns Bank of England over inflation forecasts
• The Times - Bank of England ‘not being properly held to account’
• Financial Times - House of Lords report calls for Bank of England reform after inflation failures
• Daily Telegraph - Bank's focus on net zero 'jeopardises' inflation fight 
• Daily Mail - Bank of England needs 'vital' reforms to stop another surge in inflation, says House of Lords report
• Daily Express - Bank of England faces calls for overhaul in oversight and parliamentary review
• Reuters - Bank of England should look more at money supply, lawmakers say
• Bloomberg - UK Lawmakers Urge 5-Yearly BOE Review After Inflation ‘Errors’
• City A.M - Bank of England needs ‘pruning’ to deliver: Influential Lords Committee