Whether opening the entire Bank of England (BoE) to the scrutiny of the National Audit Office (NAO) is a good move "really depends on the small print" of the arrangement, says Anthony Habgood, chair of the BoE Court of Directors, warning of a potential threat to its independence.
Under the proposed Bank of England Bill, the NAO would be able to initiate "value for money studies" in relation to the whole of the central bank. At present the NAO is limited to auditing and commissioning reviews of t
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