Parliament's cross-party Treasury Committee said on Tuesday it has opened a
review to assess whether the Bank of England's remit remains fit for purpose and
whether monetary policy independence still operates effectively. The probe will
examine the remit 30 years after the Bank was granted operational independence
to set interest rates to meet the inflation target. The review comes as the Bank
faces scrutiny after inflation rose higher and persisted longer than in other
advanced economies following the Russia-Ukraine war, and after it was forced to
defend its handling of bond sales during QT.
