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Bank of England advisers rack up £390,000 expenses bill

Low angle view of the main facades of the Bank of England and London Stock Exchange and the London Troops memorial at Bank Junction in the City of London. London.Two Bank of England advisers have racked up nearly £400,000 in expenses in just two and a half years after spending on business class flights, meals and luxury hotels.

The Times has obtained details of claims made by Donald Kohn and Anil Kashyap, two external members of the Bank’s financial policy committee.

The documents show that the US-based pair – who are both already paid £93,000 a year for the part-time role – failed to book flights until weeks before meetings, despite these being arranged many months in advance.

For four return flights last September, former vice-chairman of the US Federal Reserve Kohn claimed over £31,000.

One return flight from Washington to Heathrow was billed at £7,787, when the Times quotes business class flights booked a year out as costing half that amount.

A three-day stay in June last year for Kohn resulted in £2,480 in hotel bills. The paper understands one of the hotels the Bank uses is Kensington boutique Number Sixteen.

University of Chicago academic Kashyap also spent more than £4,000 on a single return flight.

The pair have also claimed amounts for coffees, minibar receipts at hotels, and a £273 meal at the Mandarin Oriental’s Bar Boulud in Knightsbridge in June last year.

That tab included spending nearly £100 on wine and a £14 martini.

The Bank declined to comment to the paper and Kohn and Kashyap did not respond to the Times’ requests for comment.

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