Carney Told to Overhaul Bank of England Culture
- National Audit Office completes probe into ‘One Bank’ plan
- BOE launched new three-year strategic plan last month
Mark Carney, governor of the Bank of England (BOE), gestures while speaking in London.
Photographer: Chris Ratcliffe/Bloomberg Direct DownloadThis article is for subscribers only.
The Bank of England must do more to maximize its overhaul of the three-century-old institution, according to the U.K.’s public-spending watchdog.
The National Audit Office, which probed the effectiveness of the BOE’s 2014 “One Bank” reorganization, said while the central bank had made progress during the three-year plan on changing some aspects of its culture, it has further to go in terms of empowering staff and streamlining decision-making.