Treasury unveils plan to overhaul BoE practices

Chancellor George Osborne has announced a bill to overhaul the Bank of England, including a reduction in the number of Monetary Policy Committee meetings.

Today's announcement follows a review initiated by Bank of England governor Mark Carney (pictured) in October 2013 aiming to examine the body's resources and organisation.  The new document published by the Treasury today entitled 'Bank of England Bill: Technical Consultation' seeks to further strengthen the Bank's governance, accountability and transparency practices. In accordance with the bill, from next year MPC meetings will be held eight times a year instead of the current 12, bringing the UK in line with the European Central Bank and the Federal Reserve. Bank of England to...