Accountability – a politician’s view

The public in most Western democracies have decreasing faith in the national institutions that make decisions in their name. From Warsaw to Washington, from Moscow to Madrid, ordinary people are sceptical of those in authority - and that includes central bankers. As a politician scrutinising British monetary policy on the House of Commons Treasury select committee I believe weaknesses are emerging in the way the Bank of England is made accountable for its decisions. Some of these weaknesses are