Bank of England reforms announced
George Osborne has announced that the government will bring forward a Bank of England Bill this autumn to improve the Bank of England's governance and accountability.
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This bill will build on the Financial Services Act 2012, and aims to ensure that the Bank can oversee its expanded remit by implementing Governor Carney’s ‘One Mission, One Bank’ strategy, bringing all parts of the Bank’s responsibilities under "one shared vision".
The bill also aims to protect tax payers from firm failure, by updating resolution planning and crisis management arrangements between the Treasury and the Bank.
Osborne said:
"Ensuring the Bank is well positioned to fulfil its vital role of overseeing monetary policy and financial stability is a key part of the government’s long term economic plan
"The measures in the Bank of England Bill will ensure that the Bank is on the best possible footing to oversee its expanded remit, delivering Governor Carney’s ‘One Mission, One Bank’ strategy, and take further steps to protect tax payers from firm failure
"Bringing the Bank of England for the first time within the purview of the National Audit Office is an important reform and will improve transparency and accountability."
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