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MPs to grill Mark Carney over forward guidance and Scotland

Bank of England governor Mark Carney will face a three hour grilling from MPs on Tuesday over forward guidance and Scottish independence.

In the bumper Treasury select committee session, starting at 9.30am and running into the early afternoon, MPs will quiz the governor on a range of topics.

Firstly, he will face questions on his February inflation report after he radically overhauled forward guidance. Carney scrapped his own threshold for increasing interest rates when unemployment fell below 7 per cent to a broader measure examining 18 economic indicators.

Secondly, Carney will face an hour grilling over his controversial speech in Edinburgh when he insisted Scotland could not keep the pound and set its own taxes.

The UK Government has since ruled out Scotland keeping the pound if it votes to leave in a September referendum.

Finally, he will be quizzed on allegations that the Bank of England condoned rigging foreign exchange. A staff member was suspended earlier this week.

In the FT today, TSC chairman Andrew Tyrie blasted the “Byzantine” governance structure of the Bank of England for failing to get to grips with the scandal.

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