The Bank of England Bill, the regulatory framework by which the UK Government will effectively ‘regulate the regulator’ is now being consulted upon and is expected to reach parliament in the autumn.
According to a piece by FT Economics correspondent Ferdinando Guigliano (FT 15th September 2015 ), “In its present form, the law would allow the National Audit Office to conduct value-for-money studies on certain areas of the bank’s operations. Britain’s state auditors oversee all areas of government, including the Prudential Regulation Authority, which will be folded into the Bank as part of the same bill. But never in its history has the NAO been allowed through the doors of Threadneedle Street”.
It will be interesting to see how much impact the new BoE Bill will have, not just on the affairs of the Bank of England, but also on the Treasury.