The Treasury Select Committee has criticised proposals by the Bank of England to increase accountability, saying they fall "well short" of what is needed.
Last week, in its response to the TSC's recommendations on the issue, the Bank proposed setting up an internal oversight committee to monitor and assess the processes employed in making financial stability policy decisions. However, the committee wanted the proposed body to be able to assess performance in the prudential and monetary policy fields, something the Court of the Bank of England rejected as it would appear to take sides in the debate. In today's response, the TSC said: "The Court's reference to the oversight committee's "taking sides" in the policy debate appears not to ta...
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