Parliamentary committee calls for BoE governance reforms

Report urges simpler mandate, greater “diversity of thought” and regular reviews

Bank of England
Bank of England
Photo: Juno Snowdon Photography

A UK parliamentary committee has called for major reforms to the Bank of England’s governance, saying public confidence in the central bank has fallen.

The House of Lords Economic Affairs Committee (EAC), which includes former BoE governor Mervyn King, recommended several major changes. Its report said the BoE needed simpler mandates, greater parliamentary scrutiny and increased diversity of viewpoints. Some expert witnesses challenged the notion that the BoE suffers from “groupthink”, however

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