Bailey to meet 1922 Committee amid fears over independence
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.”