On December 11, 2014, the Bank of England (“BoE”) published a document setting out proposed changes to increase the BoE’s transparency, accountability and governance. The proposals are grouped under four headings:
(i) improvements to Monetary Policy Committee transparency; (ii) transparency of records and documents; (iii) governance of the BoE and; (iv) governance of the BoE’s policy responsibilities. The BoE proposes, amongst other things, to simplify its committee structure, align the status of the Financial Policy Committee and Prudential Regulation Authority (“PRA”) with that of the Monetary Policy Committee and make the PRA a full part of the BoE, rather than it being a subsidiary. The proposals will be considered fully in the next Parliament.
The report is available at: