Treasury Committee calls for more MPC transparency

This would eliminate market uncertainty, the report claims. Currently the central bank publishes minutes of the MPC's monthly meetings, revealing how each of the nine members voted, two weeks after the rate decision. This is not soon enough claims the report, entitled " Monetary Policy Committee of the Bank of England: ten years on".

As well as recommending immediate announcement of voting decisions, the Treasury Committee also called for the MPC's four "external" members to serve a single term of six years instead of the current three-year renewable term. The Treasury would like to be able to question prospective candidates in good time before they are due to take up their positions on the MPC, and wants the power to demand a parliamentary debate on candidates whom it does not consider suitable for the job.

Further, it called on the government to form a pool of suitable candidates in case an unexpected vacancy arises on the MPC. The positions of governor and deputy governors should also be advertised openly as well as the confidential search which currently takes place.