Overview

This bill proposes amending the Bank of England Act 1998 to require the consent of the House of Commons Treasury Committee for the appointment and dismissal of the Governor of the Bank of England. This change aims to increase parliamentary oversight of the Bank's leadership.

Description

The bill modifies the Bank of England Act 1998. Specifically, it alters section 1, subsection (2), requiring the consent of the House of Commons Treasury Committee for the appointment of the Governor. The bill also amends paragraph 8 of Schedule 1, ensuring the Committee's consent is needed for the Governor's dismissal. The bill includes provisions to ensure the correct committee is referenced, even if its name or responsibilities change, with the Speaker of the House of Commons determining any such questions.

Government Spending

The bill doesn't directly specify any changes to government spending. The cost of the increased parliamentary oversight would likely be minimal, involving administrative costs related to the Committee’s additional responsibilities.

Groups Affected

This bill primarily impacts:

• The House of Commons Treasury Committee: Gains increased power and responsibility in the appointment and removal of the Bank of England Governor.
• The Governor of the Bank of England: Their appointment and removal process is subject to parliamentary approval.
• The UK Government (specifically the Chancellor of the Exchequer): Their power in appointing the Governor is reduced, requiring the Committee’s consent.
• The Bank of England: Experiences a change in the governance structure surrounding the appointment and removal of its Governor.

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