Bank expenses are cut

THE Bank of England will reduce the amount its staff can claim on expenses after two top dogs ran up a £390,000 travel bill.

The travel and expenses policy, which will apply from March 2019, will cap its daily meal allowance while away on trips at £40, and a maximum spend on hotel rooms of £125 in the UK and around £220 in the US.

Treasury Select Committee chair Nicky Morgan welcomed the change.