U.K. Lawmakers Seek Greater Power Over Bank of England, FT Says

U.K. lawmakers are pressuring Chancellor of the Exchequer George Osborne to increase the Bank of England’s accountability by imposing new supervisory controls over its next governor, the Financial Times reported.

Members of Parliament’s Treasury Committee want the central bank’s internal watchdog, called the court, to be able to review senior staff and conduct retrospective reviews of its actions, such as its handling of the financial crisis, the FT reported. The proposed controls are seen as a response to the central bank’s “sweeping” new authority over banking regulation, the FT reported.

To contact the reporter on this story: Erik Larson in London at elarson4@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.