BoE governors should step down after eight years

MPs on the Treasury Select Committee have called on governors at the Bank of England to serve a maximum of eight years before stepping down.

The report on the Accountability of the Bank of England - produced by backbench MPs - also called for the Treasury Select Committee to have the power to veto the appointment of a governor. The wide-ranging reforms would, if implemented, be a radical shake up of the way the Bank of England operates alongside Parliament. The MPs concluded that a single, non-renewable eight-year term for a governor would ensure the holder of the post was free from political interference but also be forced to move on before becoming obsolete in the role. Since 2009 governors have been allowed to serve ...