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Lib Dems want more independence for Bank of England

The Liberal Democrats are proposing plans to increase the independence of the Bank of England by changing the way the Monetary Policy Committee members are appointed.

The Lib Dems say the independence of the Bank is being compromised by the Chancellor&#39s power to appoint MPC members, who are directly responsible for the setting of interest rates.

They propose more transparency in the selection of MPC members with formal hearings by the Treasury Select Committee, and an increase in the term of members to six years from a maximum of five years which would become non-renewable.

Liberal Democrat Shadow Chancellor Matthew Taylor MP says: “The Chancellor refuses to tell us how he appoints MPC members, yet their decisions effect every family and business in Britain.”

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