Bai­ley to meet 1922 Com­mit­tee amid fears over in­de­pen­dence

The Daily Telegraph - Business - - Summer Statement - By Tom Rees

THE Bank of Eng­land’s Gover­nor has re­ar­ranged a rare meet­ing with back­bench Tory MPs af­ter post­pon­ing the pri­vate event amid con­cerns over Thread­nee­dle Street’s in­de­pen­dence from West­min­ster.

An­drew Bai­ley will ap­pear in front of the 1922 Com­mit­tee next Wed­nes­day af­ter rais­ing eye­brows for ini­tially sched­ul­ing the meet­ing for just hours fol­low­ing Rishi Su­nak’s mini-Bud­get.

The Gover­nor can­celled the event two days be­fore the Chan­cel­lor’s speech. Crit­ics have claimed the Bank’s in­de­pen­dence has been eroded by its co-or­di­nated re­sponse to the Covid-19 cri­sis with the Trea­sury. The Bank has been buy­ing bil­lions of pounds of govern­ment bonds un­der its quan­ti­ta­tive eas­ing pro­gramme, sup­port­ing the huge bor­row­ing con­ducted by the Trea­sury, and spark­ing ac­cu­sa­tions of mone­tary fi­nanc­ing.

A spokesman said: “As part of the Bank’s reg­u­lar en­gage­ment with po­lit­i­cal rep­re­sen­ta­tives, the Gover­nor will meet with the 1922 Com­mit­tee on July 15 to ex­plain the Bank’s cur­rent anal­y­sis on the eco­nomic im­pact of Covid-19 and lis­ten to their views.”

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