The Treasury select committee has launched an inquiry into the accountability of the Bank of England.
The new regulatory structure proposed by the Government will see an considerable increase in the power of the Bank including it taking on the monitoring of financial stability and prudential regulation.
TSC member and Conservative MP Mark Garnier says: “The Bank is going to be taking on a wide array of powers and responsibilities it has not had in the past.
“In our hearings we have heard people raise concerns about how it will be accountable and how it will operate so it is important the committee looks at this in detail.”
The Bank’s Financial Policy Committee will have responsibility for financial stability and the Prudential Regulation Authority, also under the Bank, will be responsible for regulating deposit takers, insurers and some investment firms.
The inquiry will look at questions like which decisions should be made by each body within the Bank, whom the Bank should be accountable to and how that accountability would work as well as the resources the Bank needs to carry out its functions.
Evidence must be submitted to the committee by 12pm on the 31st March.