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Workload is manageable

The workload of the Bank of England governor under the new regulatory structure is manageable, Mervyn King has told MPs.

Under proposals in the draft Financial Services Bill, the governor will chair the monetary policy committee, the financial policy committee and the Prudential Regulation Authority. The post also has international responsibilities with the Basel committee and the European systemic risk board.

The Treasury select committee and the joint committee scrutinising the bill have questioned whether the workload will be too much for one person to cope with. Giving evidence to the joint committee last week, King said much of the day-to-day work is now done by deputy governors with relevant briefs, making the governor’s workload manageable.

He said: “The only responsibility which could conceivably be taken away is the PRA. The FPC and monetary policy committee are inextricably linked with the sort of issues central banks are bound up with. But if you want the bank to do it, it is manageable as long as it is understood that the governor would delegate many of the responsibilities he did before.”

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